The return of Cityscape, which opened yesterday in Dubai, comes at a time when the property market in the emirate is enjoying a sustained recovery. In the past few months, property prices have experienced double-digit growth. Apartments in the city have risen 42 per cent over the last year, with villas gaining 26 per cent over the same period.
The exhibition itself has grown, from a low of 17,000 visitors in 2011 to an expected 25,000 this year. The recovery of the property market is also shown is the number of exhibitors, up 30 per cent from last year.
Yet with the property market in Dubai there is always a question and the word “bubble” always lurks in the background. This time, however, analysts believe that prices are returning to a sustainable level. Crucially, from both an economic and societal perspective, sale prices are being driven up not by speculative investors but by buyers looking for a roof over their heads – and for the long-term, too.
All of that is good news despite some of the unseemly scenes yesterday. For the rest of us, Cityscape offers a chance to enjoy all that is good about Dubai – big scale projects, an international audience and lots of interesting displays. As long as you can ignore the traffic.