Thursday, October 02, 2008

What to expect in Cityscape 2008?

Cityscape is definitely a place where to be if you are in real estate industry.

If you are still not familiar with the region's megalomaniac term, Cityscape Dubai 2008, in its 7th year, is the largest business-to-business real estate investment and development event in the world.

It is amazing to note that one of the main reasons why Cityscape Dubai is becoming so successful is the access it gives to the wealthiest and most liquid group of investors in the world.

Cityscape Dubai 2008, all set to take place from October 6-9, will showcase the potency of the UAE real estate market and it’s imperviousness to global property recession coming next month.

For some reasons which are related to my current job, there is a big expectation as well as concern in the property market. Cityscape is a developers exhibition and many people have made huge of profits in the past by buying from these developers and selling those properties the next day or even hours later.

There is a doubt that this year scenario of buying and selling for huge gains will be that easy - there is still huge inventory out on sale with difficulty.

It is the uncertainty that comes with the current economy turmoil and collapse of USA financial industry. The crash requires goverment humongous bailouts with its magnitude affect around the global, including the UAE which the government has put some 50 billion dirham on standby.

Cityscape may not bring life back into the market as well as it may not live up to the ultra high expectations as per previous years and it could be a flop. Consequenly, there would be more stories and rumours about the burst of Dubai property market. Like a domino effect typhooning and breaking all the myths into pieces of dreaded reality.

There will be a lot of new local and regional projects to be launched at decent and more affordable prices. However, I do not expect the ever growing crowd to fight over each other to buy lot of them. However, investors and speculators may return with a bang even though there are rules and regulations to regulate the transactions.

What about some welcoming surprises like Robot in 2006?

Cityscape is just a place to be for all the relevant questions and if there are any answers, if not signs of the time!

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