Low prices trigger big sales at Cityscape

dubai — Cityscape Global, which closed on Wednesday after a three-day show marked by record visitor turnout and a spate of mega projects launches, triggered a dramatic surge in offplan property transactions registered with the Dubai Land Department.

The region’s foremost showpiece property showcase drew buyers and investors in their thousands with a winning combination of bargain prices and attractive payment plans.

Boosted by a year-on-year increase of 25 per cent in visitor traffic during its first two days, Dubai Land Department (DLD) transactions registered a 186 per cent increase while most bigticket developers recorded overwhelmingly positive sentiment driven by onsite sales, say organisers.

According to Cityscape Global data partner, Property Monitor, a UAE real estate intelligence platform, the number of transactions for off-plan properties on the first day of Cityscape had grown to almost three

times the size, jumping from 37 to 106, year-on-year.

“Looking back at the opening day for the 2016 edition compared to 2017, we can see a dramatic leap in the number of registered DLD transactions made for off-plan units. Permission to sell during the show seemed to catalyse investors and buyers in the region, and resulted in a noticeable increase in activity,” said Lynnette Abad, partner and head of Property Monitor.

He said one of the reasons why off-plan has been so successful this year is because developers have found the winning combination of a very good final price point coupled with attractive payment plans. “This has lured investors back into the market and opened an opportunity for endusers who couldn’t afford to get on the property ladder before.”

Tom Rhodes, exhibition director for Cityscape Global, said the show witnessed a new wave of investors, end-users and homeowners attending this year, and with 25 per cent more visitors than the 2016 edition, stands have been busy with activity.

Offering deals on one and two bedroom units in their Dh250 million Dubai Silicon Oasis project, local company Binghatti Holding’s CEO and head of architecture of Binghatti Holding, Muhammed Binghatti, said: “Onsite sales have definitely impacted visitors’ engagement.”

Official Dubai Land Department figures show that in the 18 months from January 2016 to the end of June this year, the biggest GCC investors in Dubai real estate other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion.

issacjohn@khaleejtimes.com