Despite the persistent decline in real estate prices, Dubaian developers are still releasing their scale models for the city’s latest grandiose projects.
From golf course villas, shimmering skyscrapers, to houses in sprawling communities are all display at Cityscape, which is a fair for launching the emirate’s mega projects.
Jumeirah Central, an entire district with a mixture of residential and office blocks, hotels and a mall, along the city’s Sheikh Zayed artery, will be the centerpiece of this week’s fair
The project is being developed by Dubai Holding, which is the leading developers of luxurious hotels, including the sail-shaped Burj al-Arab hotel.
Another new development announced to be displayed at Cityscape is the Emaar South which will be developed by Emaar Properties, who also built Burj Khalifa.
“It is really amazing to get the chance to keep expanding this city,” Emaar chairman Mohamed Alabbar said at the launch.
“Keep in mind that we are (only) 40-plus years old… We are really young as a country and as a city and there is a lot to do,” he added.
Nakheel, the developer of the man-made archipelago of Palm Jumeirah stated that its apartment complex will
dominate” the skyline.
In 2002, Dubai became one of the leading countries where foreign investors targeted, and stood out from the rest due to its freehold ownership to citizens.
Cluttons, which is another consultancy announced that its prices “continued to soften” across the residential market in the second quarter of 2016, losing an average 2.4%.
They added that the average price per square foot is currently at 1,375 dirhams ($375).
John Stevens, managing director of Asteco real estate services said “We see the residential real estate market bottoming out by the end of this year,”
“We’ve seen some slight decline but certainly we expect the market to be stable,” he told AFP.
According to the official statistics, the total amount of transactions were reported to be over to 57 billion dirhams ($15.5 billion) just within the first two-quarters of this year.
“External factors over the years have always affected the appetite from certain countries,” said Stevens.
“You’ve seen interest coming from other marketplaces. Certainly, in the past 12 months, we’ve seen much greater interest from China, for example,” said Stevens.