Dubai ready to shine again

PETALING JAYA: Dubai is ready to regain its competitiveness in the real estate industry amid a landscape of cautious investors and developers, said Cityscape Dubai managing director Rohan Marwaha.

Market sentiment in the Middle East, he said, is gradually improving after a tumultuous year. The region, like most parts of the world, did not pull through the global economic meltdown unscathed.

“Certain areas such as Abu Dhabi, Saudi Arabia and Qatar have proved to be more resilient but Dubai was the hardest hit, following a period of rapid and ambitious development before the crisis,” said Marwaha in the latest newsletter of Cityscape Dubai. The daily newsletter is distributed in conjunction with the ongoing four-day Cityscape Dubai 2009, which started on Oct 5.

Jones Lang LaSalle’s Third Real Estate Investor Sentiment Survey conducted in association with Cityscape Intelligence said better times are on the horizon.

The survey revealed that the major re-pricing of properties in Dubai has helped to improve the city’s value proposition, despite lingering concerns about over supply.

In the survey, investors scored Dubai highly based on several factors including real estate transparency, transport infrastructure and value for money, making Dubai the highest-ranked city and market in terms of competitiveness.

Donald Trump Jr, who presented an international keynote address in Cityscape Dubai on Oct 5, said significant opportunity still exists in Dubai.
 
Steps taken by the government to stabilise the financial system as well as the recovery of the economy and rising oil prices will eventually bring back the demand for real estate although the growth would not be at the same level as before, he added.

Meanwhile, commitment, confidence and communication are the three key themes at Cityscape Dubai 2009, dubbed the world’s largest international business-to-business real estate investment & development conference and exhibition.

Over the four days, speakers will cover topics ranging from project funding, opportunities and traps in emerging markets, liquidity crunch, hotel investment in Dubai to the European markets.

Running concurrently with Cityscape Dubai are the World Architecture Congress, Facilities and Asset Management conference and Green Day (focusing on green buildings and technology). 

There is also an exhibition by over 200 regional and international companies from property-related industries at Cityscape Dubai. Among the notable exhibitors are developers Nakheel and Emaar, global architectural firm Aedas and Malaysia’s own Iskandar Investment Bhd.