Recently, the property market of Dubai is showing a spectacular rejuvenation. It is the growth that everyone expected since the crash and the signs are all pointing out in the same direction. Like in the good old days of real estate development, Cityscape brought some full days that awakened the humming of new launches, project selling and a comeback of the so familiar ‘worlds’ biggest, most spectacular, first’ type of presentation. Although the market is acknowledging a rather small increase rate of 0.6 per cent, the optimism is easy to find at such a glamorous event.
The projects presented at the Cityscape Dubai 2014 include Mall of the World, a mega-development presented by the government-owned investment conglomerate Dubai Holding. As His Highness Sheikh Mohammed bin Rashid announced his intention ‘to transform Dubai into a cultural, tourist and economic hub for the two billion people living in the region around us’. The project is known to be:
- 8 million sq. ft. large
- connected to 100 hotels and serviced apartments buildings with 20,000 hotel rooms
- temperature-controlled covered retail street network spreading over 7 km
- having the largest indoor family theme park in the world
- offering a Wellness district catering to medical tourists in a 3 million sq. ft.
At the same event, Omniyat presented 3 huge projects worth Dhs3.5 billion, both located in Dubai Maritime City and Downtown Dubai. One of them is the ‘One at Palm Jumeirah’ which was presented in a very exclusive atmosphere. The showcase of the design was held in a private room created especially for this, at the Omniyat stand. “One at Palm represents a major milestone in Omniyat’s history,” confessed Mahdi Amjad, the CEO of the Omniyat group. “Our previous iconic projects like The Opus and The Pad generated overwhelming response at the international level. We are pleased to say that these new projects will surpass the luxury standards we have set so far.”
All in all, the projects unveiled at Cityscape Dubai 2014 are worth several billions of dirhams. The show was definitely the biggest in the last five years and we were highly proud to be part of it. Our presentations on virtual tours and interactive architectural presentations were much appreciated and raised the interest of the real estate developers. Such initiatives have a significant role in reinforcing the investors’ confidence in the market and attracting potential regional and international investment.