His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, inaugurated Cityscape Global 2017 at Dubai World Trade Centre last week, and in doing so effectively opened the doors to some ambitious projects, and also to a concrete confirmation that the construction market in the UAE is currently in a very strong position.
BSBG attended the annual property exhibition, which saw 300 exhibitors from across the world attend to showcase their future and current projects. This year, the sixteenth edition, was notable as it was the first to allow investment deals to be completed within the halls since 2008. And as BSBG Partner Andrew Bereza, who was accompanied by Director Scott Orwin, told the BSBG Blog, “There was a really positive energy this year at Cityscape Global 2017, and some genuine excitement about the new projects on show. There were some of fantastic quality and it left a positive impression for the future prospects of Dubai, especially from our perspective.”
Dubai Harbour – by Meeras
As well as new projects, there were also updates on existing significant developments in Dubai, the most notable of which was Zaha Hadid’s The Opus. The shell and core is being prepared for handover in October. We will have a further update on the project shortly, as there have been some significant milestones reached in the lead up to completion.
More than 60% of the apartments within The Opus have now been sold, and the final batch will go on sale after the handover of the shell and core, and the interior fit out commences. In our role as Lead Architect, we look forward to presenting new images and an update in due course.
Many of BSBG’s long term partners and clients were also present at the event in addition to Omniyat, including Meraas, for whom the practice delivered The Beach in JBR, and is currently completing Bluewaters Island Residential.
Dubai’s resilience in the face of global financial uncertainty is a hugely attractive proposition for investors, not only internationally, but also from wealthy regional neighbours such as Saudi Arabia. Dubai’s economy is expected to grow by 2.7% in 2017, and next year 3.4%. In context, the UK this year will be delighted to hit 0.5%, the US is also around the 2.7% mark and Saudi Arabia’s growth is at just below 1% for the year. It’s easy to see why Dubai still remains an extremely attractive investment destination, from both a project scale and a stability point of view.
Confidence appears to have returned to the Dubai property market, and the growth potential of the emirate has been bolstered by a more mature approach to the market from investors keen to buy into long term potential rather than short term speculation.
From a BSBG perspective, Cityscape suggests there is much to be positive about in the construction sector. The offerings at the event always provide a good indication of future market conditions. There is certainly growth potential with the right approach, not only in Dubai, but across the UAE and the region.
The positive market conditions in Dubai are further exhibited when taking a glance through our portfolio of projects which are currently in the construction phase. Not only are there a variety of projects under different sectors (in itself a great indicator of whole of market activity and positivity), but the value of these projects also catches the eye.
BSBG’s Dubai projects currently under construction:
|ICD Brookfield Place||– Brookfield Property Partners/ICD|
|Bluewaters Island Residential||– Emaar|
|BLVD Crescent||– Emaar|
|The Dubai Mall Zabeel Expansion||– Emaar|
|The Dubai Mall Boulevard Expansion||– Emaar|
|Mulberry at Park Heights||– Emaar|
|Aloft Deira City Centre, Dubai||– Dutco|
|Luxury Residences, JLT||– Sweid & Sweid|
|Big Box Retail Mall||– Al Futtaim Group Real Estate|
|The Opus||– Omniyat|