Sunday, 18 April 2010 at 11:46, Joyce Njeri, Abu Dhabi
This year’s Cityscape Abu Dhabi is expected to experience exponential growth in visitor numbers and participation, compared to 2009, the event organisers predict.
Although official statistics will be released at the end of the 4-day real estate fair, Group Director of Cityscape Chris Speller, says going by the number of online registered participants, “2010 is set to surpass last year, where we saw 33,000 participants, including international and regional real estate investors, developers, architects, government officials and financiers.”
Speaking today as the property event took off amid pomp and colour, Speller also told reporters to expect “some high profile announcements on the progress of major development projects, joint ventures and partnerships.”
The fourth edition of the business-to-business platform for the real estate sector brings together industry players from across the globe and provides a platform to enhance and support the real estate growth to an international audience, highlighting iconic architecture, revolutionary developments and investment opportunities.
Regionally, Cityscape Abu Dhabi aims to firmly place the spotlight on one of the world’s most exciting emerging real estate markets – the GCC.
Sunny days ahead for GCC property market
A newly released report shows that despite having undergone a difficult 2008-2009 period, the property market in the GCC looks set to take off in 2010 and beyond.
The report attributes slumping prices in Bahrain to an increase in the supply of properties in the high end segment, “However, demand for middle and low income housing is expected to be buoyant this year, considering the supply shortage,” it states.
In Saudi Arabia, “this year could turn out to be an important factor for the sector development, with housing demand expected to range between 1.0 - 1.5 million units over next 5 years,” the report says, adding that the expected implementation of the mortgage law in Saudi Arabia this year could turn out to be an important factor.
Elsewhere, figures in the report show that prices in the residential segment in Kuwait are expected to witness increases in the range of 10 per cent -15 per cent in 2010 supported by available financing through Sharia compliant banks, while the Oman construction industry is expected to hit OR1.57 billion by 2013 with 2.7 per cent annual increase.
In Qatar, demand for real estate is expected to pick up as the country’s economy is expected to see a 16 per cent growth in 2010.
Capital’s ambitious 2030 vision unveiled
Host city Abu Dhabi, meanwhile, has pulled out all stops in trying to showcase its property mettle to the world at Cityscape, with the unveiling of a life-sized model of the capital’s landscape, as envisioned through its ambitious 2030 vision.
The masterplan, of one of the world's most ambitious urban development projects, stretches from the Corniche on Abu Dhabi's main island to Shahama, Mussafah and Al Falah on the mainland and includes the islands of Saadiyat, Yas, Lulu, Reem and Sowwah, which have been earmarked as key development areas of Capital 2030.
The design, which also features existing landmarks such as the Emirates Palace and the Grand Mosque as well as some of the iconic projects under development including Sowwah Square, and Masdar, was unveiled by Abu Dhabi Urban Planning Council (UPC).
“Our assigned objective is to constantly strive to reach new heights of excellence by introducing new concepts, technologies and innovations,” Falah Al Ahbabi, the General Manager of UPC said earlier.
“It has been a life-enhancing journey, a travel littered with soul-discovering experiences, a distance yet still far from the final destination. But our horizon is clear, our directions chartered and our compass, Vision 2030, firmly guides our steps,” he added.
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