"This is part of a maturing market..." Markus Giebel at City Scape Dubai 2008

A scaled model of Nakheel Harbour & Tower by Dubai's capital during City Scape Dubai 2008

"It is slightly different from last year. Last year it was sort of queuing up and fighting each other, standing on chairs," said Sameeh Khaleel, a UK citizen who bought on Reem Island in Abu Dhabi last year. "I am just kind of observing this year before I buy anything else." Yesterday the crowds were "watchful," said Ousama Ghannoum, Aldar's marketing and communications director. "Professionals in the field have been asking me about our sales, what is going on in the market," he said. "They want to know how things are being affected by the global market."


The relative quiet that had descended on the UAE property market in 2008 had left buyers cautious, he said. Colliers International, an international estate consultant, said in a report on Sunday that the rate of growth in Dubai house prices had eased to 16 per cent in the second quarter, after rising at 43 per cent in the first three months of this year. The report said it expected the growth to remain flat for at least another year.

Deyaar Village was showcased at the company's 270-square-metre pavilion modeled on the layout of this new community project. It was unveiled by Markus Giebel, Chief Executive Officer of Deyaar, who highlighted the scope of this exciting mixed-use community. 

Another theme that emerged on the first day was rebirth. Deyaar Development, with a fresh chief executive and a new logo, announced it would pursue larger, community-sized projects as well as diversify its portfolio by starting projects in other countries and acquiring companies with distressed assets.

"I don't think it has had a big impact," said Markus Giebel, the new chief executive of Deyaar at that time. "This is part of a maturing market. Corporate governance does not come with an early market, but now this is becoming widespread."

Source: Dubaichronicles, The National