Cityscape Abu Dhabi concludes on a high note

With 81% of Abu Dhabi-based developers launching new projects at Cityscape Abu Dhabi this year, the UAE capital's largest property show concluded on a high on Thursday. The event was organised under the patronage of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at Abu Dhabi Exhibition Centre between 21-23 April.

The ninth edition of Cityscape Abu Dhabi has been a hotbed of activity, with major announcements unveiled by Abu Dhabi Urban Planning Council (UPC), Department of Municipal Affairs, Tourism Development & Investment Company (TDIC), Zaya, and Al Forsan Real Estate.

With the growing need for housing outweighing the current supply in the UAE real estate market, leading developers such as Aldar Properties and Wahat Al Zaweya have launched projects to cater for the high demand.

Talal Al Dhiyebi, Chief Development Officer, Aldar Properties said: "We have launched three residential developments, two on Yas Island and one on Reem Island. After selling out Al Merief land plots in less than a week to Emiratis, we decided to launch West Yas, which is 1,000 villas on Yas Island for UAE nationals only.

"Another trend that we are observing is that nationals from all over the UAE are very attracted by the stability of the Abu Dhabi market . The increase in job openings and overall healthy economy are directly reflected in their purchasing power."

Further highlighting the increasing demand for housing across the UAE, Bloom Holdings has launched five new projects at Cityscape Abu Dhabi this week, all of which have proved to be a big hit with both local and regional investors.

Sameh Muhtadi, CEO, Bloom Holding, said, "We have had outstanding success for our Park View project on Saadiyat Island with Phase 1 now completely sold out. The right product, the right location and the adequate platform such as Cityscape Abu Dhabi has ensured that we have had the perfect recipe for success."

With JLL's Abu Dhabi Market Overview revealing that hospitality was the standout sector this quarter, witnessing a slight growth in occupancy rates and a 12% increase in room rates, hotels were also at the forefront of this year show.

Ali Eid Al Muheiri, Executive Director, Mubadala Real Estate and Infrastructure said, "Al Maryah Island is Abu Dhabi's international financial centre and urban hub for hospitality, leisure and retail. Cityscape Abu Dhabi has been an important platform for us to showcase the Grade A commercial space in Abu Dhabi Global Market Square, the on island development opportunities, and the newly launched Rosewood and Four Seasons residences.

"The strong demand we've seen this week on all fronts demonstrates the island's critical mass, and with the hospitality, leisure and retail options, and waterfront entertainment program planned for later this year, we invite visitors from home and abroad to come and experience life on Al Maryah Island."

Wouter Molman, Director of Cityscape Group at Informa Exhibitions, the organisers of Cityscape Abu Dhabi, said, "This year's edition has been the busiest we have experienced in recent years. A study we conducted on-site revealed that 81% of Abu Dhabi-based developers launched new projects, while 64% of exhibitors showcased existing projects, further highlighting the positive sentiment of the real estate market."

Cityscape Abu Dhabi is the annual barometer for the Abu Dhabi and wider GCC real estate market; the 9th edition of the show has welcomed more than 130 regional and international exhibitors.

Organised by Informa Exhibitions, the UAE capital's largest and most influential property investment showcase hosted exhibitors from the Cayman Islands, Egypt, Jordan, Lebanon, Kuwait, Latvia, Nigeria, Portugal, Serbia, Thailand, United Kingdom and United States.

Cityscape Abu Dhabi is supported on an official basis by Strategic Partner Department of Municipal Affairs (DMA), Platinum Sponsor Wahat Al Zaweya, Silver Sponsor Farglory, Official VIP Sponsor Ejadah Asset Management Group and Official Mortgage Provider Abu Dhabi Finance.
Source: WAM