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Cityscape real estate fair kicks off in Dubai amid concerns over oil price slump

Xinhua, September 8, 2015 Adjust font size:

The annual Cityscape Global real estate fair kicked off in the United Arab Emirates (UAE) on Tuesday amid worries among Dubai's developers and investors about the impact of the oil price slump and emerging market currency woes on property.

This year's Cityscape, the biggest real estate fair in the Middle East, attracts 324 exhibitors from 30 countries.

"The growth of the fair is based on good momentum and new investment opportunities in Dubai and the region, more exhibitors who are coming from abroad, in particular from Turkey, and Cityscape's strong branding," Wouter Molman, the fair's director, told Xinhua.

Asked if he is worried about the decline in oil prices, the Dutchman replied that lower oil prices have primarily an impact on the government spending.

"Real estate developers in Dubai and the region have currently more challenges to attract investors due to the currency decline in many emerging markets," he said.

Real estate research firm JLL said in its report launched at Cityscape that the Dubai residential market continued to face downward pressure as the sales index dropped eight percent in June and the market is expected to continue to see a downward trends in prices over the second half of this into 2016.

The fair, which expects around 50,000 visitors, will run until Thursday. Endit