Excerpt from No big projects seen at Dubai Cityscape, Reuters, Sept 30, 2009
Dubai’s top property exhibition, once the stage where multibillion-dollar developments were announced, will be a smaller and more reflective affair this year as the cash-strapped industry licks its wounds.
At Cityscape 2008 in Dubai, the Gulf emirate’s flagship property firm Nakheel launched a kilometre-high tower, only for the project to be put on hold months later as the financial crisis slammed the regional property boom into reverse. The exhibition next week could serve as an opportunity for developers to discuss the past, the changes needed to secure the future, and to focus on customer relationships.
“Cityscape’s structure was boosted mainly by developers’ mega sales launches, which attracted buyers and led the event to become a key market catalyst and a speculative property trading floor for years,” said Roy Cherry, vice president for research, real estate and construction at Shuaa Capital.
“With speculators still in a state of coma, property transactions around the lows, and more supply in the pipeline, the event will probably be more than ever before about reflection rather than investment.”
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