Emerging markets take centre stage at Cityscape Global
While many real estate markets in developed nations in the US and Europe are showing little signs of life, a string of economic and wealth indicators have highlighted the growing strength and sustainability of emerging markets, in the Middle East, the wider Asia-Pacific region, and naturally the BRIC countries of Brazil, Russia, India and China.
Many of these thriving economies are also witnessing robust development of their real estate markets, especially in Asia-Pacific and the BRIC countries. Indeed it is this combination of investment and development that is driving interest in Cityscape Global 2010, which is due to take place at the Dubai World Trade Centre on 4-7 October.
"With the exception of Japan, Asia-Pacific will grow twice the global rate raising its share of global wealth from 15% last year to 20% within four years, include India and Brazil into the equation and the economic decoupling theory is alive and well and a more equitable share of wealth maybe emerging," commented, Chris Speller, Cityscape Group Director.
"The wealth of the Middle East region was also highlighted recently by US-based business advisory firm Boston Consulting Group's Global Wealth report, which said that three of the six densest millionaire populations are in the Middle East, with Kuwait, Qatar and the UAE in fourth, fifth and sixth place respectively," added Speller.
Comparatively speaking the United States has the most millionaires at 4.7 million, followed by Japan, China, the United Kingdom, and Germany. Singapore saw the highest growth in millionaire households, up 35%, followed by 33% for Malaysia and 31% for China and Switzerland had the highest concentration of millionaire households in Europe and the third-highest overall at 8.4 per cent.
"In addition to personal or family wealth, there is the GCCs sovereign wealth funds (SWF) which according to the SWF Institute, currently has assets under management of well in excess of $1.3 trillion," added Speller.
However it is not just that Dubai is a world renowned business destination, with state-of-the-art infrastructure, that will draw in the global real estate community. Located at the crossroads of Europe, Africa and Asia, also makes the emirate conveniently situated for international real estate professionals, as Speller explained.
"It is interesting that many of the world's capital and emerging markets, with the exception of the Americas and the Far East, are only an eight-hour direct flight from Dubai. This underlines the emirate's access to some of the world's major business hubs and key investment environments."
2010 will be the ninth year that a Cityscape event has been held in Dubai and Cityscape Global will be an integral part of the largest business-to-business real estate investment and development brand in the world. This year's exhibition has already confirmed participation from 23 countries, including the UAE, Qatar, Saudi Arabia, Bahrain, Jordan, Egypt, Morocco, China, Malaysia, Japan, South Korea, Australia, Poland, France, UK, Italy, Russia, Canada, USA and many more.
This year will also see four conferences running alongside the main event, including Cityscape Global Real Estate Development and Investment Conference, World Architectural Conference, City Leaders Forum and the new Retail City Conference.
It is hardly surprising that major private and institutional investors as well as developers from around the world will converge on Cityscape Global in October. The new event has evolved from Cityscape Dubai, acknowledging its international participants and recognising its market position, providing a significant platform for the global real estate industry.
Last year more than 25% of registered participants for Cityscape Dubai came from outside GCC countries, which translates into almost 10,000 participants flying in from 115 different countries. Cityscape Global will broaden that trend reaching a 50% international participation over the next 3 years.
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