Cityscape in Dubai, which opened today (Monday October 5), was more subdued with none of the glitz, glamour and mega deals that characterized last year’s event.
Organisers are expecting participation in the four day event to be down by around 30% while costs have risen.
‘As part of the real estate story of the year, 2009 has seen Cityscape’s first decline in growth as the world adjusts to new economic conditions,’ said Rohan Marwaha, managing director of Cityscape.
‘However, the high quality of Cityscape Dubai as the industry’s main networking event is well maintained.
The major institutional investors, master developers, high net worth individuals and senior real estate professionals, which are the backbone of Cityscape, are in attendance,’ he added.
And organisers of the Bahrain International Property Exhibition 2009 (Bipex 2009) said they are pleased that space for the three day show that kicks off on October 14 is down just 20% on last year.
‘One cannot deny that the real estate sector in Bahrain and the Gulf region has been adversely impacted by the current global economic slowdown.
But the situation is no longer as bleak as it may have seemed a year ago, with regional governments having taken measures to stabilize the markets, in particular, the real estate sector,’ said Mohammed Khalil Al Sayed, Chairman of the Bipex organizing committee.
‘Bipex 2009 thus comes at a critical stage when the real estate sector is on the threshold of resurgence and the exhibition will certainly make a significant contribution in charting the future course of the industry, both in the near and long term.
The crisis has definitely brought one pertinent fact to the forefront – that the real estate sector is built on a strong foundation and it is this underlying strength that has ensured that sentiment in the regional market continues to remain positive,’ he explained.
‘The response from exhibitors to Bipex 2009 is a clear indication of the return of market confidence in the sector, with over 80% of the exhibition area having being booked despite the adverse economic events of the past few quarters,’ he added.
