Holding Cityscape amid these challenging times is a true testament to Dubai's entrepreneurial spirit which leads by example.
DAMAC Properties has reaffirmed its participation in this year's edition of Cityscape and has underscored its dedicated and continuous support to the real estate industry amid these times shaped by the global Covid-19 pandemic.
'DAMAC Properties is proud to be participating in this year's edition of Cityscape. While we are navigating through these unprecedented times, in light of the Covid-19 pandemic and its subsequent negative impact on the market, we are happy to see that the real estate industry is persevering through these challenges,' Niall McLoughlin, Senior Vice President of DAMAC said.
'Holding Cityscape amid these conditions is a true testament to Dubai's entrepreneurial spirit, which leads by example and sets high standards for businesses and industries to follow,' he added.
This year's edition of Cityscape will be slightly different that previous years due to the pandemic and subsequent travel restrictions which have limited international participation. The exhibition will focus on B2B meetings and sharing of knowledge with industry peers.
'We will be capitalising on the opportunity to enhance our relationships with our existing customer base. Additionally, we are keen on meeting our industry peers, exchanging insights and learning more about the changing needs and preferences of our clients,' McLoughlin said.
The industry has certainly learned a lot from the global pandemic, which has affected various industries across the world-the real estate market included. As many companies embraced the work-from-home model, there has been a drop in demand for office spaces. Additionally, with social distancing practices still being encouraged, the demand for villas and townhouses with private outdoor spaces has grown. DAMAC has quickly learned from, and adapted to, these changing trends.
As for the challenges, the pandemic has drastically impeded travel and tourism, which has affected the real estate industry's ability to showcase products to clients from abroad. However, DAMAC was better positioned to navigate these challenges because of its emphasis on digital transformation.
DAMAC's long track record of being a pioneer in digital transformation has enabled it to showcase its properties to clients, through virtual home tours and hold video conferences with agents, brokers and partners based abroad which has helped offset the negative market impact.
'This has really given us an edge in the market, and we will continue to push for digital excellence going forward,' McLoughlin said.
As for the company's ongoing strategy, DAMAC is focused on delivering our current inventory of residential units. Meanwhile, units in DAMAC Hills and AKOYA -the property giant's two master developments-are being delivered in phases.
'Our aim is to continue delivering high-quality products that we are proud of and our customers have come to expect from us,' McLoughlin said.