Director Elbio Gomez shares his thoughts on Cityscape Global

Increasing visitor numbers show the market is bouncing back

Director Elbio Gomez, who is responsible for Business Development for Chapman Taylor in the Middle East region, represented Chapman Taylor at the recent Cityscape Global event in Dubai. The event, which is Middle East’s largest and most influential international real estate development and investment event, suffered a cut back of visitors in recent years, post one of the worst economical financial recessions in recent history. 

“Dubai was one of the most affected countries mainly due to the property market crash. In 2009 Dubai received a crucial $10bn bailout from Abu Dhabi, in order to avoid the defaulting on its $4.1bn Islamic bond.” As a result visitors to Cityscape Global went from 81,000, in 2008 to 17,000, in 2011. 

This year though visitor numbers increased to 35,000 and the total number of exhibitors was 280 from 28 countries, showing a renewed confidence in Dubai’s market. “This is a sign of Dubai’s resilience. It has proved that it can weather adverse conditions and can immediately respond by capitalising on an improving outlook.”

Resurgence of building activity across the region

Cityscape Global is a gateway for property developers to share a series of new launches – from master developments to standalone projects. This year the major announcements, once again, came from state-owned developers, however, property experts believe the private sector will become active once the work starts on the Expo 2020 venue site and all infrastructure plans around this event are unveiled. 

In its Q3 Dubai property market report, CBRE, a global real estate consultancy, said positive market and economic fundamentals over the past 12 months has seen a growing number of developers moving ahead with stalled projects, as well as the launch of multiple new schemes within a short time period. By focusing on the recurring revenues offered by managing shopping centres, Dubai’s big developers companies likes, Nakheel, Emaar, Meraas, Deyaar, Damac, are creating more sustainable business models.

“Seeing the resurgence of major development activity over such a short period is extremely impressive. This real estate event has attracted every major world consultant whether architects, engineers or property consultants most of whom are now an established presence in the region. What is happening in almost all cases is the taking off of massive projects on a scale that is really unique to this area.”

As a result of contacts made from this property show, and as proof of the standing of our company in the Middle East including recognition of our current prestigious project the development of the Mall of Qatar, Chapman Taylor has been invited to take part in a design competition for a major and prestigious development in Qatar.

For more information please contact:
Elbio Gomez
egomez@chapmantaylor.com


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