"Optimism" was an over-used word at this week's <a href="http://www.thenational.ae/topic/events/cityscape-2011">Cityscape Global</a>, the annual property show in Dubai.<br/><br/>Few participants were willing to enthusiastically hail the coming of a new era in the local property market, despite the best efforts of promoters to decry the pessimism and negativity of recent years. The global economic turmoil continued to cast a shadow on any activity, making most investors uncertain more than optimistic.<br/><br/> Kevin Brass reports on the world's biggest property show. "It's quite clear from the attendance and size of the event that the market here is still tough," said Chris Bolton, chief executive of Yoo, the designer hotel and residential brand, which was exhibiting at Cityscape for the first time. Except for Nakheel's new villa project on Palm Jumeirah, none of the major developers used the show's global forum to make any newsworthy announcements. One of the few large-scale projects on display was Falcon City, the 400-hectare Dubailand development which has long-promised to build replicas of the Eiffel Tower, pyramids and Taj Mahal, in addition to thousands of villas. Ask any of the curvaceous attendants at the display when the flashy elements would be built and the answer was always, "in the near future." But there was bubbling of positive indicators during the show, including a Clutton's report which showed values for villas in such prime locations as Palm Jumeirah, the Springs, and Arabian Ranches increased by 1 per cent in the third quarter from the previous quarter. The report wasn't exactly dramatic news, but it played into a familiar theme at the show--Dubai is developing into a mature market, with desirable areas generating sales and increased values. Dubai is now a two-tiered market, separated by areas with infrastructure and those areas still waiting for basic amenities, said Ziad Al Chaar, managing director at Damac Properties But Cityscape is now all about investors, not consumers. And their message was clear: There is money out there and they are looking for places to invest. And Dubai is in a crowded field. Panel discussions on Saudi Arabia and Qatar drew large crowds of financiers, eager to explore opportunities. The show floor included exhibitors from the Cayman Islands, Russia and Turkey, all eager to woo the same investors looking at Dubai. Cityscape didn't proclaim the end of the downturn, but it provided a clear signal that Dubai is entering a cutthroat competition, with developers and government agencies from around the world vying for the attention of the same international funds.