No escape at Cityscape Dubai

Each year the Cityscape Dubai showcases the latest, largest, & most ambitious of developments of real estate in the UAE. The exhibition closes this year, a shadow if its former self.

On the last day of the show, a poll was taken of willing attendees, and nearly 70% blamed the economic downturn for poor interest in the event.

Some reports would indicate that the global financial crisis has led to the cancellation & postponement of construction projects worth over $300 billion, and property in Dubai has lost nearly 50% of its value.

Instead of the normal showbiz that goes along with the brash & the bold at this event, attending developers & investors have used their time wisely, pooling ideas on how best to survive the current crisis. In what had become a grotesque ‘end-user’ driven event, the view now is that it should be far more business-to-business orientated.

Investors looking for property to buy in Dubai can take comfort in this shocking wake up call, as developers have to now take a far more sober approach to providing value for money.