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Cityscape Abu Dhabi 2019 charts path for Future of UAE Capital’s Property Sector

Sold-out projects, game-changing announcements, in-depth discussions and invaluable insights underline exhibition’s role in helping industry navigate challenging climate

Cityscape Abu Dhabi 2019 has been hailed a success in charting a clear path for the UAE capital’s real estate sector as it navigates current market challenges, with the three-day show witnessing sold-out project launches, proactive changes to property laws and in-depth industry-changing discussions.

The 13th edition of the UAE capital’s leading real estate exhibition, held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Executive Council, wrapped up at Abu Dhabi National

“We are positive about what we can expect to see. Property is a cyclical business and we are in a period of a soft market. However, there’s not a huge amount of new supply expected this year or next,” said Plumb, with the market maturing and developers more conscious about what they are planning and delivering. “In the residential market, we are looking at about 8,000 units for this year and even less next year, that’s about 3% of existing stock and this is good,” he added. “The market has adjusted and is not just building a huge amount of supply that we saw three to four years ago.”

Exhibition Centre (ADNEC) on Thursday 18 April, with major developers and key industry players better aligned on the future direction for the market that plays a crucial role in the capital’s economic diversification.

Sales, law changes and in-depth insight

Amongst the highlights of investor-developer interaction on the main exhibition floor, major Abu Dhabi developer Aldar Properties PJSC reported AED 400 million in sales on its latest development, Lea, inside the first two days of the show, while the Government of Abu Dhabi used the exhibition to announce game-changing laws for foreign ownership in investment zones.

In addition, the Cityscape Abu Dhabi Conference and Cityscape Talk series, which ran alongside the exhibition, provided transparent, in-depth discussions and forecasts outlining where developers can make a difference in the market.

“With developers, real estate companies and the industry as whole in the midst of a challenging environment, it was extremely encouraging to see the level of commitment, understanding and determination from everybody at show – exhibitors on the floor, to key industry players and major disruptors in the Conference and Talks – to align on the right way forward for the Abu Dhabi real estate market,” explained Chris Speller, Cityscape Group Director at Informa Exhibitions.

“The positive sentiment in the build-up to the show was backed up on the event, with developers such as Aldar reporting sold-out new projects onsite. That’s a clear indicator that while challenges remain, the market is adapting, and companies are listening to what investors and buyers want.”

“Add in the new change to the foreign ownership law and the lively, interactive conference sessions and talks, and this year’s show has exceeded our expectations in uniting the industry and providing the right platform to look at how best take the market forward,” added Speller.

The Cityscape chief’s sentiments were echoed by exhibitors who spotlighted the appeal and reach of Cityscape Abu Dhabi.

“Cityscape has provided us with access to clients, especially local investors, and this helps us understand the market, key trends and where we need to focus. We have been able to benchmark our projects and measure our competitive advantages,” said Enass Abdelbaset – Director of Agents Department – Tiger.

Talk from the top

Throughout the two days of Cityscape Abu Dhabi Talks, session focused on a whole gamut of industry issues such as digitisation of real estate sales and marketing, redefining the customer experience in the real estate landscape, how to solve real estate disputes form all sides, and why investors should look at industrial real estate.

The final day of Cityscape Abu Dhabi 2019 also gave government officials and key developers a platform to delve deeper into the announcement, made on day two of the show, that allows foreign owners to take freehold of their properties, both residential and industrial, in the capital’s investment zones such as Alreeman, near Abu Dhabi Airport.

Addressing a media briefing on the law change, Talal Al Dhiyebi, chief executive officer, Aldar Properties, developer of Alreeman, said the new rule would likely increase investor return on investment (ROI), which is already higher than most international cities, by a further 8 per cent.

His Excellency Falah Mohammed Al Ahbabi, Head of the Department of Urban Planning and Municipalities, Abu Dhabi, said the change in the law was a “quick response” by the government to meet demand from the private sector, adding that it would increase market confidence and result in more transparency and flexibility.

Cityscape Abu Dhabi 2019 welcomed 80 local and international real estate developers exhibiting dozens of new-to-market projects, with the Cityscape Abu Dhabi Conference, sponsored by ADCP, Platinum Plus Conference Sponsor, Provis, Platinum Conference Sponsor, Eltizam, and LWK+Partners Gold Conference Sponsor, provided a full-day of in-depth insight and lively discussions, led by a high-profile line-up of speakers. The Cityscape Abu Dhabi Talks, sponsored by ADCP and Provis, hosted more than 20 interactive sessions on the latest trends and hot topics in the industry.

About Cityscape Abu Dhabi:

Cityscape Abu Dhabi is the leading property investment and development event in the nation’s capital bringing together key industry decision makers, local, regional and international investors, homebuyers, developers, government and investment authorities, architects, designers, consultants, and senior industry professionals. The event is renowned for being the barometer of the capital’s property sector, responsible for fostering partnerships and creating opportunities that drive development and investment across the country through its exhibition, conference and other content features that take place during the three-day event.

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