Cityscape Dubai, the biggest real estate investment and development event in the world has opened its doors today as fears of a new kind strike this emirate. Not so long ago Dubai was celebrated as the golden child of real estate with fortunes being made and a mad building boom attracting thousands of overseas investors to take part in the property stakes.
As the US and European credit crunch turns more worrying by the day, fears are now circulating that Dubai might be next to suffer the consequences. Not much pointed investors to this new turn of events as in the first quarter, Dubai’s housing market was still a very strong performer with a 43% rise.
What happens next is anyone’s guess, but market speculators agree that Dubai’s property future lies in the hand of financial liquidity. It is possible that lack of available credit could indeed spread all the way from Europe and the US to Dubai which could throw this shining real estate superstar out of the limelight.
Right now, developers and investors sit with baited breath as Cityscape throws down the hamlet for the next few days.
Cityscape usually attracts a wide range of regional and international investors, as well as property developers and government officials. As the largest business to business event in the world, Cityscape is the perfect exhibition for leading architects, designers, consultants and senior professionals to showcase their wares.
Cityscape Dubai details
Dates: 6 – 9 October 2008
Timings: 10am – 7pm
Venue: Dubai International Exhibition Centre
Dress Code: Business or National dress
Business card required for entry. Children below 18 will not be permitted. It is also advisable to know that all VIP passes have already been sold out to the event.
One possible positive is the fact that Cityscape usually helps to speed up Dubai’s property market once it has commenced. At this stage we can simply sit back and watch what might unfold in this UAE emirate.