Dubai delivers new wave of affordable housing

GMT 09:10 2015 Thursday ,06 August

Arab Today, arab today Dubai delivers new wave of affordable housing

Dubai real estate market
Dubai - WAM

End-users are set to capitalise on stabilisation within the Dubai real estate market as more affordable housing options enter the market ahead of Expo 2020, and price adjustments improve affordability of existing stock.

Developers are lining up to unveil a wave of attractive new housing options during the 14th edition of Cityscape Global which brings together more than 300 exhibitors from 30 different countries at Dubai World Trade Centre next month.

Taking place from 8 - 10 September, the world's largest real estate investment and development event for emerging markets will deliver a timely reminder that conditions in Dubai are being shaped naturally, and that medium to long-term prospects remain positive.

"We must understand that Dubai is experiencing a normal market correction which was always inevitable," said Wouter Molman, Director of Cityscape Group.

"The Expo 2020 win caused a sharp rise in property prices at the end of 2014, but the steps taken by the government have helped regulate the market and the establishment of a rent index has created more clarity for investors – all signs of a maturing market."

With end users now looking to take advantage of the stabilising property prices, more attractive housing options are on the way from developers like MAG 5 Property Development which is using Cityscape Global to introducing a new integrated and affordable residential community.

Offering over 1,000 residential units as well as providing retail, dining, leisure and entertainment amenities, MAG 5 Boulevard is a 24-hour living, walkable community which will encompass more than 800,000 square feet of land. MAG 5 Property Development will be launching Phase 2 of the project at Cityscape.

"MAG 5 Boulevard is aligned with the needs of the middle income earners," said Talal Moafaq Al Gaddah, CEO, MAG 5 Property Development. "We are keen to capitalise on the growing demand for quality, affordable residential communities in close proximity to the Al Maktoum International Airport and the wider Dubai World Central area."

The value of the location was underlined by Mohammed Al Awadhi, VP, Real Estate, Dubai World Central, who said: "By 2020, DWC is projected to become a self-sustained urban ecosystem where thousands of professionals and their families will live and work."

Supported by the Dubai Land Department, Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.

In the wake of recent market reports the event will help put into perspective the much brighter longer term reality of the Dubai property market.

"While a lot of the figures we are currently witnessing are not as positive as we've seen in previous years, it seems clear that the medium to long-term future for Dubai real estate is healthy," said event director Molman. "This is reflected in the build-up to the 14th edition of Cityscape Global, where we expect the biggest assembly of exhibitors since 2008."

Craig Plumb, Head of Research at JLL MENA, said: "We expect transaction volumes and, subsequently sale prices, to drop further in the second half of the year. But the single digit price correction we saw in the first half of the year is a sharp contrast to declines we witnessed in 2008/2009 and is a clear indication that the market is maturing."

Taking a new format this year, the Cityscape Global co-located conferences will be staged on the day before the exhibition. The new format is expected to facilitate the coming together of more than 800 senior real estate professionals and government official who will explore opportunities and find solutions to key challenges affecting the industry today.

The Facilities Management conference, jointly organised with Middle East Facilities Management Association (MEFMA), and the Real Estate Brokers will run alongside the ‘Dubai Market Overview' on September 7 at the Conrad Hotel, Dubai.

Also running in tandem with the exhibition is the Cityscape Awards for Emerging Markets. The awards programme attracts hundreds of entries from developers and architects behind real estate developments across emerging markets globally. Winners will be announced at an elaborate ceremony taking place at the Conrad Hotel, Dubai on 8 September.

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