Cityscape Abu Dhabi in full swing: Is property market confidence back?
New figures coming from Abu Dhabi are promising and are indicative of renewed investor interest in the emirate’s construction and real estate sector.
Cityscape Abu Dhabi, the biggest property show in the UAE capital has seen a 10 per cent year on year increase in visitor numbers on Tuesday, as investors flocked to avail the exclusive offer and payment plans being offered by the exhibiting companies.
Middle East investors were joined by those from India, Pakistan, Russia, Turkey, UK and other international markets at the Abu Dhabi National Exhibition Centre.
The 11th edition of Cityscape Abu Dhabi will open its doors at 10am tomorrow morning (Tuesday 18 April) at the Abu Dhabi National Exhibition Centre and run until 20 April.
Sales go up
Tourism Development & Investment Company (TDIC), the leading developer of major tourism, cultural and residential destinations in Abu Dhabi, announced today that 60 per cent of the units has been sold after unveiling a compelling selection of residential units on Saadiyat Island at the show.
TDIC released 109 residential units for sale at Cityscape Abu Dhabi through its 3 major projects in Al Saadiyat Island, including 50 distinctive apartments in Mamsha Al Saadiyat, 29 contemporary villas on sale in the Saadiyat Beach Golf Club-facing Jawaher Saadiyat, as well as more than 30 units across the fully inclusive nature-based community of Saadiyat Lagoons.
Tilal Properties, which is developing Tilal City – Sharjah’s largest unique mixed-use community – said they have attracted an increasing number of investors to its portfolio of products thanks in part to its 100-year leasehold properties that enable buyers to pass on their investments to following generations.
“Tilal properties’ participation in Cityscape Abu Dhabi was aimed at highlighting what has been achieved in Tilal City and showcasing its vision for real estate investment opportunities that offer promising returns. We also wanted to gain an insight into investors’ aspirations and expectations, especially after registering 100 per cent sales in zones A and C, with properties in the second phase’s zones B and D currently available,” said Khalifa Al Shaibani, Director of Tilal Properties.
Featuring 1,855 land slots, the 25 million square feet Tilal City project will house more than 65,000 people. Strategically located only 10-minutes’ drive from Sharjah International Airport and just two kilometres from Dubai, the AED 2.4 billion mixed-use development will feature 673 villas and townhouses, as well as 1,062 three, four and five storey buildings.
Mounis Akkad, General Manager, Turkish builder Liderlik Development said their projects have received “a really positive response”.
“We have received a lot of interest in our two projects, which are priced between USD$2,000 to USD$4,000 per square metre, and the drop of the Turkish lira and the positive benefits put in place by the government to facilitate overseas purchases have certainly made Turkey an attractive opportunity for foreign investors,” Akkad said.
Cityscape has seen a number of launches within the first two days. Leading developer Eagle Hills revealed their latest UAE project in Fujairah.
“Our participation in Cityscape this year marked the unveil of our second mixed-use project in the UAE, Fujairah Beach which consists of The Palace, a luxury five-star hotel and 84 villas providing exclusive amenities within Fujairah City. We firmly believe that we are providing a new home to residents and visitors and an ideal gateway for holidays to the hotel’s guests. This is part of our new strategy in developing the Northern Emirates,” Said Low Ping, CEO of Eagle Hills.
In light of the UAE’s preparations for the Expo 2020, the country is expected invest more than $40 billion in supporting infrastructure as developers in Abu Dhabi and the other emirates aim to capitalise on increasing tourist and visitor numbers over the next three years.
Carlo Schembri, Exhibition Manager for Cityscape Abu Dhabi said: “The positive sentiment within the market coupled with the expected government spending into new non-oil projects will help drive recovery and prevent an oversupply in the market.”
According to a report published by FocusEconomics, partner of the show and a leading provider of economic analysis and forecasts for countries in Africa, Asia, Europe and the Americas, the UAE is predicted to record a 2.5 per cent growth in GDP this year and a further 3.2 per cent in 2018.
“We are expecting this year’s edition of Cityscape Abu Dhabi to be the largest in terms of announcement projects and exhibitor participation since 2011. With over 100 confirmed exhibitors and the increased development of free zones, opening up diverse opportunities for investors, Abu Dhabi is making positive steps towards its Vision 2030,” added Schembri.
Year of Giving 2017
In other news, Abu Dhabi Urban Planning Council (UPC) made a formal agreement with the UAE’s leading property companies, committing them to a major community initiative for Year of Giving 2017. Nine real estate developers will contribute a collective total of 3.23 million AED in building amenities to benefit the capital’s communities, such as mosques, public parks, walkways, playgrounds and sports facilities throughout Abu Dhabi, as well as honour UAE’s Martyrs.