Cityscape attendees have high hopes for UAE property markets

03/10/2012 - Dubai Property News Posted by Neil King
Cityscape attendees have high hopes for UAE property markets

There is an overriding sense among developers and investors that the future is very bright for the property sector in the UAE.The vibe at the ongoing Cityscape Global event in Dubai is certainly one of positivity and industry professionals are confident that the effects of the economic downturn have worn off.Deputy ruler of Dubai Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum opened the prestigious event at the Dubai International Convention and Exhibition Centre yesterday (October 2nd) and a number of exciting new developments have already been showcased.Speaking to the Khaleej Times, the leader of one leading property consultancy group suggested that investors now have high hopes for the future in the UAE."We have seen the worst in the wake of the recession," they were quoted as saying."The real estate sector is waiting to get the right stimulus to bounce back from the sluggishness. We expect to see that happening very soon. Some of the mega project announcements we witnessed today underline this new optimism."Organisers of the three-day exhibition said the event had grown by 50 per cent when compared to last year and they are hoping to attract around 20,000 visitors this week."We have been working hard to prepare for what will be one of the most successful editions yet," Wouter Molman - Cityscape Global exhibition director - told the news provider.A number of foreign developers are showcasing their projects at Cityscape Global, which highlights Dubai's booming popularity among investors from all over the world.Dubai's growing international reputation was also reflected in a recent report conducted by Jones Lang LaSalle, which showed that the emirate is outperforming its near neighbours when it comes to property prices and rent rates.The study indicated that buildings located in Dubai's more expensive and exclusive regions are still in very high demand.It is fair to predict that this trend will continue as investors rediscover their confidence in the coming years.