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The tenth edition of Cityscape Abu Dhabi opens next week amid the excitement and buzz surrounding the recent implementation of Abu Dhabi’s new real estate law. The three-day expo, which begins April 12 at the Abu Dhabi National Exhibition Centre (Adnec), will host the Abu Dhabi Market Overview, a closed-door forum where key figures in the private sector and government will discuss the impact of the law that took effect in January and cover pressing issues, including the impact of low oil prices on real estate.
“The new property law will be the main talking point at Cityscape Abu Dhabi,” Carlo Schembri, Exhibition Manager at Informa Middle East, tells PW. Schembri says leading Abu Dhabi developers are also expected to announce “new large-scale projects” at the event.
“Several of the capital’s leading developers are planning to launch new projects at Cityscape Abu Dhabi,” says Schembri. “In some cases, it will involve some truly groundbreaking new developments, so there certainly is a lot to look forward to for interested investors and home buyers this year.”
Chris Taylor, CEO of Abu Dhabi Finance, believes the recent regulatory and economic developments in the capital will bring best practice into the capital’s real estate industry, noting improved transparency and investment security and subsequently growth.
“Increased clarity and transparency, alongside the centralisation of property and mortgage registration, the management of escrow accounts and the creation of a mortgage law effectively reduce the risks involved in real estate transactions for all parties,” Taylor said in a statement.
According to the show’s organiser, some developers will be selling property directly to buyers on-site.
Exhibitors that want to sell property directly at the event have to complete a rigid approval process administered by the Abu Dhabi Urban Planning Council (UPC).
Schembri says the exhibition will cover the Atrium and Halls 3 to 6 at Adnec, totaling 18,000 sq m of exhibition space, “making it about the same size as the highly successful 2015 edition”.
Investors will have an array of choices from developers in the UAE, with projects ranging from residential communities to retail, hospitality, mixed-use and commercial developments. Top local developers exhibiting at the event include Aldar, TDIC, Mubadala, Masdar, Tamouh, Reem, Al Qudra, Manazel and Wahat al Zaweya. Abu Dhabi’s Department of Municipal Affairs will also have its own stand at the event.
Some of the high-profile projects in Abu Dhabi to be showcased include Mubadala’s Al Maryah Island, Manazel’s Al Reef 2 mixed-use development, Avantgarde’s Al Qurm Views residential tower and Al Sadu in Al Reem Island and The Wave in Adnec.
“The development of Abu Dhabi during the past decade has been rapid, but considered, and Abu Dhabi’s real estate market today has a bright future,” says Ali Eid Al Mheiri, Executive Director of Mubadala. “There are some exciting and innovative projects in the pipeline, which will not only fulfil the needs of today, but support Abu Dhabi’s vision for tomorrow.”
Abdulla Al Sahi
Executive Director, Planning and Infrastructure Sector, UPC
We will offer the latest on our framework plans in our Plan 2030, as well as the UPC’s master plans, policies and initiatives. Visitors will also have the opportunity to try out the latest street design and Geoplanner tools that our planners use in their day-to-day work. The UPC’s scale model of Abu Dhabi, measuring 23m by 17m, will once again be a centrepiece of Cityscape.
Managing Director, Herald Land Real Estate Brokers
Herald Land’s sole purpose is to conscientiously provide investors the best UK investment opportunities through our extensive portfolio of freehold land, student property, buy-to-let and airport parking investments. Our target audience comprises mid- to high-net-worth individuals with a keen interest in the UK.
CEO, Just Property
We’re looking forward to engaging in quality discussions with real estate professionals in Abu Dhabi, understanding the kind of customer outreach they’re looking to achieve, and working together on mutually beneficial opportunities.
Ali Eid Al Mheiri
Executive Director, Mubadala
As the master developer of Al Maryah Island, our primary audience will be third-party developers. Premium [freehold] plots adjacent to Abu Dhabi Global Market Square are now available for development for GCC and UAE nationals. Non-GCC citizens can acquire leasehold for 99 years, renewable for another 99 years.
Director, Henry Wiltshire International
We will offer a handpicked selection of properties and projects in different countries and locations. From London, we will have off-plan and completed properties from our Nine Elms and Canary Wharf offices, which are both regeneration areas with a strong investment angle. We will promote projects in Kuala Lumpur, Bangkok, Phuket and Cambodia, and will fly in experts from our offices around the world.
Chairman, Kleindienst Group
Kleindienst will highlight The Heart of Europe, a luxury off-plan island project, which will be the UAE’s first exclusive holiday hideaway. This is a luxury off-plan island project located 4km off the coast of Dubai. At Cityscape, The Heart of Europe will present various investment opportunities, which offer a guaranteed 8 per cent return on investment per year.
CEO, Bloom Holdings
We will highlight our distinctive projects in Abu Dhabi and Dubai. We believe the current market conditions are good. Cityscape Abu Dhabi is an important part of our marketing efforts and investment every year, which gives us an opportunity to showcase all our projects. This exhibition has contributed to increasing the overall awareness of the brand.
Source: Hina Navin, Special to Property Weekly