{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Billion-dollar developments go on show at Dubai property exhibtiion' data-url='/boclips/videos/5c54bd43d8eafeecae132d2b' data-video-url='/boclips/videos/5c54bd43d8eafeecae132d2b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBillion-dollar developments go on show at Dubai property exhibtiion\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eA host of outlandish billion-dollar developments are being unveiled at Cityscape, a property exhibition in Dubai.After two years of seeing the housing market grow by more than 50 percent, analysts now say prices in the United Arab...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eA host of outlandish billion-dollar developments are being unveiled at Cityscape, a property exhibition in Dubai.\u003cbr/\u003eAfter two years of seeing the housing market grow by more than 50 percent, analysts now say prices in the United Arab Emirates are levelling out.\u003cbr/\u003eTop of the bill at this year's Cityscape property exhibition is the 7 billion-dollar Mall of the World.\u003cbr/\u003eAt 48 million square feet (14.6 million square metres), it is set to be the world's largest shopping and entertainment centre.\u003cbr/\u003eDevelopers say the temperature-controlled complex will be just like a city where tourists can spend entire weeks without ever having to step outside.  \u003cbr/\u003eThat means they can enjoy Dubai without the 40-degree (104-fahrenheit) heat.\u003cbr/\u003eThe mall will take 10 years to complete and will include a seven-kilometre promenade lined with shops. \u003cbr/\u003eThere will also be theme parks, restaurants and hotels. \u003cbr/\u003eA so-called 'Wellness District' will include spas as well as hospitals offering cosmetic surgery and other procedures.\u003cbr/\u003e\"The whole idea is for the family to come in, spend the whole week and experience different kinds of entertainment,\" says Khalfan Belhoul, vice president of strategy at Dubai Holding.\u003cbr/\u003e\"Families can go into the wellness section, kids can play in the theme park and obviously there's different kinds of hospitality services as well.\"\u003cbr/\u003eThis mall is just one of several ambitious developments on show at this year's Cityscape property exhibition.\u003cbr/\u003eThere are dozens of models in the mould of futuristic cities complete with dazzling towers, golf courses, swimming pools and parks.\u003cbr/\u003eThe size of some of these developments may seem ambitious, but with a need for at least 15-thousand new homes a year to meet Dubai's growing resident population, developers say the demand is there.  \u003cbr/\u003eAfter its high-profile property market crash in 2009, it seems Dubai may well be back.\u003cbr/\u003eHere, cranes are seen once again dominating the skyline as vast developments spring from the desert.\u003cbr/\u003eEven projects once halted during the downturn are now rising from the sand.\u003cbr/\u003eAccording to Ed James from Middle East Economic Digest, confidence has once again returned to Dubai.\u003cbr/\u003e\"Today, UAE is again the largest construction projects market in the region, having overtaken Saudi Arabia a couple of years ago,\" he says.\u003cbr/\u003e\"In total, there are more than 30 billion dollars' worth of projects - construction projects - in the UAE being awarded this year and the majority of those are in Dubai and over the next five years we can see that number just increasing.\"\u003cbr/\u003eIn four years, this dusty space of land will be greened and landscaped into a luxury, real estate community called Akoya.\u003cbr/\u003eAt its heart will be the Trump International Golf Club, surrounded by parks, shops and luxurious villas and mansions.\u003cbr/\u003eIt'll be worth a total of six billion US dollars.\u003cbr/\u003eThere will even be 104 limited edition villas and mansions overlooking the golf course.\u003cbr/\u003eDamac Properties say there's such a demand for the properties that they're now launching a second community, known as Akoya Oxygen.\u003cbr/\u003e\"Because of the success of Akoya By Damac, last month we introduced another community called Akoya Oxygen because we've depleted most of the inventory of houses in Akoya,\" says Damac Properties managing director Ziad El Chaar.\u003cbr/\u003eEl Chaar says he expects Dubai's property market to keep on growing.\u003cbr/\u003e\"The population is growing, we expect the population to increase by 50 percent from now until 2020,\" he says.\u003cbr/\u003e\"There's a growth in the economy, almost 5 percent. There is a growth tourism, in the number of visitors. And there is growth in the business sector. So if we put that within the safe haven we have in Dubai, the real estate market will grow.\"\u003cbr/\u003eWar and instability in the Middle East - as well as elsewhere - has led many investors to put their money into what they consider to be safe havens. \u003cbr/\u003eThis has led to a buying frenzy with prices increasing by 56 percent in the past two years.\u003cbr/\u003eBut in the last few months, sale and rental prices have cooled considerably, with prices now set to rise only one or two percent a year.\u003cbr/\u003eOne reason for this may be mortgage caps, issued by the UAE Central Bank, which limit the amount of mortgages that can be taken out.  \u003cbr/\u003eAccording to Craig Plumb, head of research at property specialists Jones Lang LaSalle, prices are set to flatten out.\u003cbr/\u003e\"I think we've gone through a period where the market has been growing unsustainably quickly and now we're moving into a period where it's starting to stabilise,\" he says.\u003cbr/\u003e\"And that's a good thing for the overall market. So you've got confidence from investors, you've certainly got more confidence from developers, but I don't think we're going to see prices increase at the same rate as they have for the last couple of years.\"\u003cbr/\u003eDespite that, developers say there's still a strong demand, particularly in prime locations.\u003cbr/\u003e\"People are more cautious but the demand is there. Good locations are still in demand,\" says Ali Rashid Lootah, chairman of property developers Nakheel.\u003cbr/\u003eAnalysts say the market is much more sustainable than it was in 2008 and 2009. \u003cbr/\u003eThey say it's dominated by heavy-weight companies with proven track records.\u003cbr/\u003eGone are some of the weird and wonderful projects which were planned during the last property boom.\u003cbr/\u003eThis theme park - named Dubailand - was a casualty of the time. \u003cbr/\u003eIt now lies half-abandoned in the sand.\u003cbr/\u003e\"What we're seeing now - these days - is projects being a lot more viable commercially,\" says James.\u003cbr/\u003e\"Being a lot less ambitious and therefore are more likely to succeed.\"\u003cbr/\u003eCityscape runs 21-23 September at Dubai World Trade Centre.\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 21 September 2014\u003cbr/\u003e1. Wide of model of Mall of the World\u003cbr/\u003e2. Various close shots of model\u003cbr/\u003e3. Mid of model section which shows shops\u003cbr/\u003e4. Setup shot of Khalfan Belhoul, Vice President of Strategy, Dubai Holding, speaking with woman\u003cbr/\u003e5. SOUNDBITE: (English) Khalfan Belhoul, Vice President of Strategy, Dubai Holding:\u003cbr/\u003e\"The whole idea is for the family to come in, spend the whole week and experience different kinds of entertainment. Families can go into the wellness section, kids can play in the theme park and obviously there's different kinds of hospitality services as well.\"\u003cbr/\u003e6. Wide of property stand\u003cbr/\u003e7. Wide of model of new development called La Mer, which features hotels, residences and restaurants on Jumeirah Beach\u003cbr/\u003e8. Various close shots of model\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 9 September 2014\u003cbr/\u003e9. Wide of building site with workmen passing bricks to each other in foreground and cranes in background\u003cbr/\u003e10. Wide of workmen passing bricks to each other\u003cbr/\u003e11. Wide of house being built\u003cbr/\u003e12. Wide of building site\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 7 September 2014\u003cbr/\u003e13. Various setup shots of Ed James, Head of Insight at MEED, Middle East Economic Digest:\u003cbr/\u003e14. SOUNDBITE: (English) Ed James, Head of Insight at MEED, Middle East Economic Digest:\u003cbr/\u003e\"Today, UAE is again the largest construction projects market in the region, having overtaken Saudi Arabia a couple of years ago. In total, there are more than 30 billion dollars' worth of projects - construction projects - in the UAE being awarded this year and the majority of those are in Dubai and over the next five years we can see that number just increasing.\"\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 9 September 2014\u003cbr/\u003e15. Wide of residential construction site with tower blocks in background\u003cbr/\u003e16. Wide of workmen shaping sand for golf course\u003cbr/\u003e17. Wide of part-completed golf course with cranes in background\u003cbr/\u003e18. Wide of entrance to sales office of Damac's Akoya golf community\u003cbr/\u003e19. Wide of billboard reading (English): \"The First Trump International Golf Club in the Middle East\"\u003cbr/\u003e20. Wide of sales office\u003cbr/\u003e21. Close of model with sign reading (English): \"Fendi styled Villas. Interior Design by Fendi Casa\"\u003cbr/\u003e22. Wide of model and sales people\u003cbr/\u003e23. Wide of reception area\u003cbr/\u003e24. Mid of sales staff and clients\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 21 September 2014\u003cbr/\u003e25. Wide of Damac stand at Cityscape event\u003cbr/\u003e26. Wide of Trump golf course sign\u003cbr/\u003e27. Various setup shots of Ziad El Chaar, Damac Properties Managing Director, pointing at model\u003cbr/\u003e28. SOUNDBITE: (English) Ziad El Chaar, Damac Properties Managing Director:\u003cbr/\u003e\"Because of the success of Akoya By Damac, last month we introduced another community called Akoya Oxygen because we've depleted most of the inventory of houses in Akoya.\"\u003cbr/\u003e29. Cutaway shot of residential model\u003cbr/\u003e30. SOUNDBITE: (Arabic) Ziad El Chaar, Damac Properties Managing Director:\u003cbr/\u003e\"The population is growing, we expect the population to increase by 50 percent from now until 2020. There's a growth in the economy, almost 5 percent. There is a growth tourism, in the number of visitors. And there is growth in the business sector. So if we put that within the safe haven we have in Dubai, the real estate market will grow.\"\u003cbr/\u003e31. Pull out of model of Dubai Hills Estate by Emaar, Dubai developer\u003cbr/\u003e32. Wide of model of Dubai Creek Harbour\u003cbr/\u003e33. Mid of people looking at model\u003cbr/\u003e34. Mid of towers in model\u003cbr/\u003e35. Setup shot of Craig Plumb, Head of Research at Jones Lang LaSalle (JLL) in MENA\u003cbr/\u003e36. Cutaway shot of JLL sign\u003cbr/\u003e37. SOUNDBITE (English) Craig Plumb, Head of Research at Jones Lang LaSalle (JLL) in MENA:\u003cbr/\u003e\"I think we've gone through a period where the market has been growing unsustainably quickly and now we're moving into a period where it's starting to stabilise. And that's a good thing for the overall market. So you've got confidence from investors, you've certainly got more confidence from developers, but I don't think we're going to see prices increase at the same rate as they have for the last couple of years.\"\u003cbr/\u003e38. Wide of Nakheel stand\u003cbr/\u003e39. Setup shot of Ali Rashid Lootah, Chairman of Nakheel, speaking with woman\u003cbr/\u003e40. SOUNDBITE: (English) Ali Rashid Lootah, Chairman of Nakheel:\u003cbr/\u003e\"People are more cautious but the demand is there. Good locations are still in demand.\"\u003cbr/\u003e41. Wide of model of \"Culture Village\" developed by Dubai Properties\u003cbr/\u003e42. Mid of model\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 16 September 2014\u003cbr/\u003e43. Wide of remnants of Dubailand, developed during the last property boom and since abandoned\u003cbr/\u003e44. Various close shots of Dubailand\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 7 September 2014\u003cbr/\u003e45. SOUNDBITE (English) Ed James, Head of Insight at MEED, Middle East Economic Digest:\u003cbr/\u003e\"What we're seeing now - these days - is projects being a lot more viable commercially, being a lot less ambitious and therefore are more likely to succeed.\"\u003cbr/\u003eAP Television\u003cbr/\u003eDubai, UAE - 9 September 2014 \u003cbr/\u003e46. Wide of worker and construction site in background\u003cbr/\u003e47. 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