A week is a long time in the Dubai property market.
Knight Frank had the city pegged as the world’s worst performer last week.
By the weekend Savills said it would be second only to the United States as an investment destination. But who cares when you will soon be able to park your Bugatti alongside your sofa and murmur appreciatively at it like Homer Simpson stumbling upon an unexpected pie on the floor. Cityscape is all about headline projects such as Damac’s Bugatti Villas and Kleindienst Group’s floating homes.
The research reports are merely the lemon wedges sitting atop the monster all-you-can-eat lobster buffet that is the world’s most interesting property show.
The exhibition usually sets the tempo for the wider market. Visitors assess its mood like farmers talking about the weather. This year is different.
The confidence dripping from the lavish developer stands seems at odds with the malaise in the wider market.
That may be because although prices and transaction volumes have been in retreat this year, investors sense the market fundamentals remain positive.
A strong dollar and weak oil price will continue to be a drag, but the market won’t let that rain on its parade.
Property investors are keenly awaiting the next buying trigger – whatever that may be.
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