Real estate developers from around the world gathered at the Dubai World Trade Center for the 24th edition of Cityscape Dubai, to showcase their latest and upcoming developments.
This year, the event focused on how the real estate market is adapting to changes in terms of new technologies and sustainability.
During the three-day event, thousands of real estate investors and professionals gathered to network, create joint venture partnerships and discuss the future of real estate.
A whole host of new projects were brought to market from major developers, including local luxury player Sobha Realty, focused on urban communities. The group announced two projects: Sobha 1 and Hartland 2, which are worth €6.23 billion and will be completed in five to eight years.
“It’s great news for Shoba,” Francis Alfred, managing director and CEO of Sobha Realty, told Euronews. “Heartland has eight million square feet of land, [with] up to 7,000 homes and 100 luxury villas… 50% of the land is open space. Sobha 1 is approximately 35 acres with about 2600 houses.”
“The real estate market in Dubai has recovered very well. The golden visas, the investor-friendly opportunities to open your own businesses and the weekend change from Friday to Sunday. A lot of this has brought a lot of traction to Dubai “, explained.
International developers at the exhibition included those from Bali, the United Kingdom, Jordan, Germany and Turkey. The event comes as Dubai’s property market continues to appeal to investors amid rising oil prices.
The third quarter of the year saw Dubai’s real estate market witness its highest performance in 12 years, with the value of real estate sales reaching almost €19 billion. This year’s Cityscape Dubai reflected this demand for off-plan developments.
“The property market in Dubai is absolutely booming,” Alexander Edwards, head of exhibitions at Cityscape Portfolio, told Informa Markets.
“The Dubai Land Department announced that AED 2 billion (€525 million) worth of real estate transactions had taken place in one day, which is absolutely incredible. I think everyone is looking to Dubai for security, great investment opportunities and put your money in a safe place.” .
Alexander Edwards also revealed that there had been some spectacular launches at Cityscape this year with new partners.
“We have just signed an MOU with the Dubai Land Department to launch Cityscape Wire, which is Women in Real Estate, which we are very excited about,” she said.
In addition to oil prices, advanced government policies, new visa rules and a rising population are boosting on- and off-plan property sales in the Emirate. An increase in high net worth individuals in the first six months of the year means that Dubai is also becoming a source market for investment.
Meanwhile, Dubai-based property developer Azizi Developments announced that it will deliver around 100 ongoing projects next year, while more than 10,000 projects worth several billion euros are in the planning stages and are expected to be delivered between 2023 and 2028.
“One of them is the second tallest building in the UAE, the fifth or sixth tallest on earth… the second tallest after the Burj Khalifa. It takes a whole different level of engineering to make that happen.” , Farhad Azizi, CEO of Azizi Developments, told Euronews.
Elsewhere, an app that turns speech into subtitles on smart glasses and translates conversations into nine different languages has officially launched worldwide. The XRAI Glass app lets you caption conversations in an instant.
The software allows deaf and hard of hearing people to “see” conversations using AR glasses.
The XRAI Glass app, when used with Nreal Air’s augmented reality smart glasses, uses AI to caption, translate and act as a personal eye assistant.
“We tested this software in August, and we’ve had dozens and dozens of people around the world testing it,” said Dan Scarfe, CEO of XRAI.
Revolutionary technology is ready to help millions of people who need to remember details. Business meeting attendees will receive an instant summary of their meetings in multiple languages, helping to unite international communication and increase global reach.