Will Cityscape loom spell Dubai market gloom?

Monday sees the opening of the Dubai Cityscape exhibition; An annual event which showcases the best of property in Dubai, and real estate in the UAE. But interest has faultered, & there are mixed feelings about the market and the event.

According to recent publications Dubai & Abu Dhabi are the two fastest growing cities in the world, since the development of the oil market in the 1950’s, & in the boom years the value of some property in Dubai quadrupled.

Today’s market is a shadow of its former self, & Cityscape has traditionally been seen as a venue which pushes market confidence where high value development deals & property sales are completed.

However, organisers this year are less optimistic as exhibitor bookings are down by approximately 30%, and spin off global events from Cityscape have been cancelled in places like China.

Although the overall mood is muted, some believe the event will give the market a shot in the arm. With prices at an all time low, this floor in the market, property in Dubai still represents good value for money for the long term investor.