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Abu Dhabi, UAEFriday 21 September 2018

On-site sales permitted at Cityscape property expo this year

Abu Dhabi conference takes place 17-19 April, Dubai edition from October 1

A model of Nakheel’s Palm 360 project, a 220 metre-high hotel and residential tower complex, unveiled at this year’s Cityscape Global exhibition in September 2017. Organisers have announced on-site sales are permitted again at the conference this year. Satish Kumar / The National
A model of Nakheel’s Palm 360 project, a 220 metre-high hotel and residential tower complex, unveiled at this year’s Cityscape Global exhibition in September 2017. Organisers have announced on-site sales are permitted again at the conference this year. Satish Kumar / The National

Real estate developers will again have the opportunity to sell their projects at the Cityscape Global conferences in Abu Dhabi and Dubai.

The decision was made after Dh870 million worth of on-site transactions were recorded during the three days of Cityscape Global in Dubai last September, where sales were permitted for the first time in 16 years.

On-site sales have taken place at the Abu Dhabi showcase for the past four years and in Dubai for the past two annual events.

Previous to that, local and international developers were only allowed to showcase their projects, not conduct transactions on the conference floor.

On-site property transactions can take place during the event in Abu Dhabi, which runs from April 17 to 19.

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“Permitting on-site transactions was a significant milestone in the history of [the event], and it allowed us to enhance the experience of participants whether they are property developers, home buyers, investors or agents,” said Tom Rhodes, exhibition director at Cityscape Global.

Two-thirds (67 per cent) of the 37,821 visitors who attended the Dubai edition of Cityscape Global last year expressed an interest in transacting with companies they met at the show over the following 12 months, according to a post-show report from the event organisers, Informa.

Many exhibitors reported a successful 2017 at Cityscape Global Dubai last year. Azizi Developments sold out the first phase of units for its Dh12 billion waterfront project Azizi Riviera; Aldar’s Water’s Edge residential scheme generated Dh400m of phase-one sales, and an anonymous buyer of Omniyat’s One Palm scheme broke the record for the most expensive penthouse with a final price of Dh102m.

The Dubai show also saw several new project launches including Nakheel’s Dh4bn worth of developments, Union Properties’ Dh8bn Motor City master plan, and Deyaar’s Dh1bn South Bay scheme in Business Bay.

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