Cityscape, the business-to-business real estate event brand created and developed in the Middle East, has added the United States to its global portfolio.
The first Cityscape USA will take place in New York on September 9-12, 2008, providing an opportunity for the US property industry to network with real estate investors and developers from the Middle East, India, Asia, China, Russia and Latin America.
“The subprime crisis has resulted in US investors turning to real estate markets around the world, with the lure of emerging markets in particular now too great to ignore,” said Rohan Marwaha, managing director, Cityscape.
“The global Cityscape brand has an unrivalled network of more than 250,000 real estate investors and developers in emerging markets that continues to grow daily,” he added. “Now, for the first time in New York, the investment capital of the world, opportunities in emerging real estate markets will be presented to a select audience of over 5,000 professionals and key investors.”
Among those taking part will be Trump Organization of the United States and Nakheel of Dubai, two of the world’s leading developers, who recently marketed apartments on the upcoming Trump Hotel and Tower on Dubai’s Palm Jumeirah for $3,000 a square foot. Nakheel, investment sponsor of Cityscape USA, is also developing a portfolio of projects in Dubai and key emerging markets with developments conservatively estimated to be worth $80 billion.
Commenting on the overseas potential for the greenback, Henry Cisneros, executive chairman, Cityview, and former US secretary of housing and urban development, said, “Cityscape is the ideal place to harness the increasing opportunities available in the emerging markets.”
However, real estate investment is a truly global business. Investors around the world analysing market swings are as likely to cherry-pick in the bargain basement trying to predict a market that has bottomed-out as they are to invest ahead of the curve in a rising market.
“Cityscape USA is strategically placed to accommodate cross-border investment,” added Marwaha. “While US investors are looking increasingly outward for opportunities, many Middle East and Asian investors, including sovereign wealth funds, are making big investments in America.”
“The Abu Dhabi Investment Council, for example is negotiating for a majority stake in the Chrysler Building, the art deco icon of the New York skyline since 1930. Similarly, Dubai World has taken a 5 per cent stake in MGM and committed $2.7 billion to co-finance a futuristic resort development on the Las Vegas strip.”
Cityscape began in 2002 with Cityscape Dubai, which last year recorded over 1,000 exhibitors and 52,000 real estate professionals from 138 countries. The global portfolio now includes Cityscape Asia in Singapore in April, followed by Cityscape Abu Dhabi in May, and Cityscape China in June. Cityscape USA in New York is next up in September, followed by the return of Cityscape to Dubai in October and Cityscape Latin America in Brazil in November. Cityscape India brings the season to an end in December.
