Another Cityscape Dubai has come and gone, October is half finished and similar to last year at this time, uncertainty about the health of the real estate industry lingers. As familiar as that may sound and feel though, it’s different.
There was no light at the end of the tunnel following last year’s Cityscape event, just darkness. Desperation and denial saturated the event, and as a result, the industry ever since. The real difference between now and then is the slight bit of optimism slowly creeping onto the scene.
Cityscape Dubai 2009 resembled little of its past life. Investors did not flood the exhibition halls, grabbing anything and everything they could from developers. Property launches were non-existent. Surprisingly, arrogance was checked at the door which provided for an unexpectedly pleasant environment and encouraging mood. But most important, was the measure of optimism that began to mount in the waning hours of the show.
While optimism is neither a guarantee of our future, nor a key indicator of how and when the market will bounce back, it does represent an important shift. Not a shift in the market itself, but in us. the real estate professionals. It represents the shift from finger pointing, blaming and self pity to a “we can do this” mentality and a sense of responsibility. Responsibility in the sense that we are the ones who can change the industry for the better. that we can learn from our mistakes and most importantly that we can move forward. The fact that we can say that means we already are.
Cityscape Dubai 2009 was all about moving forward – making progress. Progress was the inkling of optimism that came forth on October 8th, and that’s what this year’s event will be remembered for. It won’t be remembered for the larger than life stands and free giveaways, or the throng of unrealistic development projects only the richest of the rich even consider, because none of that was there. Instead it was us, the true professionals, meeting each other, talking, brainstorming, connecting and thinking. These important interactions have been far too absent in the past and that’s why a sense of optimism has been as well. Now that we have it again, we must not squander it. Instead, with optimism firmly in hand we must collectively push forward and progress.
To everyone who attended and exhibited at Cityscape Dubai this year, congratulations and good luck. If we take anything from this year’s event it is that as the leaders and influential members of the industry, we have a lot of work ahead of us. For the first time in a long while, that is a good thing.