\nThe number of property industry visitors to the Cityscape Dubai expo earlier this month which is the biggest in the Gulf region was down by 50%, it has been confirmed.\n<\/p>\n
\nBefore its opening the organisers said they expected a 30% fall in numbers but the figures reveal a much worse turnout with just 38,000 people attending the four day show.\n<\/p>\n
\nIt is a bitter blow to the Dubai real estate sector which shows no signs of recovery with prices, sales and rents continuing to tumble.\n<\/p>\n
\nThe number of exhibitors to Cityscape was also down to 218 compared with 340 last year when lots of new developments were launched amid a show of glitz and ostentatious.\n<\/p>\n
\nBut now the real estate industry has tumbled and all recent reports from analysts make depressing reading with no one predicting a turnaround in the coming months and the outlook for 2010 depressed.\n<\/p>\n
\nRohan Marwaha, managing director of Cityscape Dubai, tried to remain upbeat and said that Cityscape held up well by international standards.\n<\/p>\n
\n\u2018We saw a shift back to market fundamentals at Cityscape Dubai this year.\n<\/p>\n
\nThe speculators and other amateur investors were conspicuous by their absence as were any hint of unrealistic or dazzling developments,\u2019 he said.\n<\/p>\n
\n\u2018The mood was sober and professional. However compared with other real estate events in Europe and Asia, Cityscape by comparison was very well supported.\u2019\n<\/p>\n
\nHe added that international participation increased as a year-on-year percentage, with stands from Sudan, Angola, Paris, and companies from Canada and Australia, complemented by a healthy regional presence which extended across the GCC and Iraq.\n<\/p>\n
\nHe also revealed that the changing dynamics of the industry may well lead to changes to Cityscape for next year.\n<\/p>\n
\n\u2018We will continue to tailor this event to meet the requirements of real estate professionals, whether locally, regionally or internationally,\u2019 he explained.\n<\/p>\n
\nProperty prices in the emirate have fallen by up to 50% from their 2008 peaks and many developers who exhibited at Cityscape believed prices still had further to fall.\n<\/p>\n
\nFigures also show that 472 commercial, residential and hospitality projects have been cancelled or on put on hold.<\/p>\n
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