Cityscape Global signals resurgence of investment flows
Inward and outbound investment takes off as real estate maintains smart money appeal; ‘Coming of Age’ Show Delivers Dh100 million opening day sales surge for Sobha Realty
International real estate investment flows are resurging following a pandemic induced lull with buyers signing up to properties across the Middle East, Asia, Europe and the UK at Cityscape Global, which concludes today.
The three-day event, which is being held at Dubai Exhibition Centre, Expo 2020, got into its stride the UAE’s Sobha Realty was celebrating a multi-million-dirham first day sales tally.
“We achieved sales transactions of more than Dh100 million on the first day as we launched Waves Grande, the second residential tower at the Waterfront District in Sobha Hartland,” said Ms Jyotsna Hegde, the company’s president.
The UAE’s Select Group notched up a first day success selling out more than 25 per cent of its 330 Dubai Peninsula Two, Business Bay apartment inventory on the project’s release day.
“It surpassed all our expectations with a good mix of locals and expatriate buyers,” said Georges El Hachem, commercial director of Select Group.
“We sold over 80 per cent of Peninsula One within a month of the launch last month, and if the market appetite remains intact, we would be hopeful of reaching similar levels of sales with Peninsula Two,” he said.
Sharjah’s Arada Developments received strong interest in the 566 smart apartments it launched in its Aljada mega project. “Right from the show’s opening we started seeing some good sales, so for us it was an extremely strong start,” said Ed Atwood, chief communications officer, Arada Developments.
As UAE developers processed the interest uptake, Middle East buyers and residents were also planning overseas investments with the UK, the Med and Egypt in the main frame.
Regal London reported a first-day sale of a studio apartment in Watford and ongoing negotiations with Gulf buyers for St. John’s Wood properties.
“The solid sale was to an Indian gentleman who is resident in Dubai and bought it for his daughter to live in while she studies in London,” explained Jacob Sullivan, sales and marketing director, Regal London.
“There is still interest in the London market from people wanting holiday bolt holes in the UK, for investment or for accommodation for family studying in the capital.”
Montenegro’s Lustica Bay development on its first Cityscape showing was sealing the sale of a waterfront villa in the new Mediterranean destination by Egypt’s Orascom.
“The buyer is an Egyptian who is looking for a Mediterranean retreat,” said Volia Dzikovich, Sales Manager. “We are here to build awareness of Montenegro and the opportunities, and we have had a steady flow of interest.”
Egyptian properties were in high demand as first and second homes, according to Ismail Hafez, Marketing Director of Orascom’s Makadi Heights. “Traffic has been better than we expected,” he said.