As the dust settled on the sixth edition of Cityscape Abu Dhabi, a show that has borne witness to the UAE’s rollercoaster real estate sector, supply and demand once again underpinned much of the ensuing discussions amongst exhibitors and investors.
There were of course announcements, with several major UAE-based developers showcasing their key developments, such as Sorouh Real Estate’s launch of its retail property brand Boutik.
The Abu Dhabi-based developer will open its first Boutik branded space in Sun and Sky Towers on Al Reem Island in June this year, hosting the first ever Waitrose supermarket in the UAE capital. In the second half of the year, Sorouh will also open its shopping mall, Boutik Al Ain, home to a Carrefour hypermarket.
Baniyas Investment and Development Company (BIDC) showcased its Bawabat Al Sharq project, in Bani Yas city and many other developers were on hand to reveal their latest projects in the UAE capital.
So as the annual barometer for the Abu Dhabi and wider GCC real estate market, the show certainly seemed to be more upbeat; associate director for Cluttons in the Middle East, Paula Walshe confirming to AMEinfo that the show had been “very positive and successful”.
“We had a lot of interest in our work in the City and the region from a variety of potential clients,” she asserted.
“The show was very upbeat and footfall pretty good throughout the four days – it certainly felt stronger than in previous years. Enquiries were of a serious nature and the quality of the exhibitors and visitors was very good.”
And Walshe claimed the softening of the capital’s rental market was making Abu Dhabi a more attractive location for both residential and commercial tenants as rents fall and the city becomes more affordable.
“The new stock entering the market is also giving greater choice and quality to tenants and encouraging companies and individuals to upgrade from their current accommodation,” she asserted.
