Thursday, 14 March 2013

MIPIM 2013, Cannes: Investment, Regeneration and London's housing debacle

Cannes isn’t just the locus of sun, sea, gleaming yachts and celebrity film stars. The south of France resort currently hosts the annual global property industry jamboree, jauntily titled MIPIM, writes London journalist Paul Coleman.
   MIPIM stands for Le Marché International des Professionnels de L’Immobilier. (Sorry, but I could hear you asking). 
   At MIPIM 2013, elected UK politicians – including, naturally, London’s ubiquitous Mayor – and a plethora of appointed officials, have spent this week politely accosting global property developers and investors.
  They've told tales of the ‘investment and regeneration potential’ of entire UK cities, London boroughs such as Ealing and Newham, and ‘up and coming’ neighbourhoods like the Elephant and Castle.

Country of honour
These chaps in dark suits have handed over glossy ‘inward investment and regeneration’ magazines to other dark suited fellows. Inside these beautifully crafted volumes, you wouldn't have spied a single image showing bulbous graffiti, chewing gummed paving stones or strewn fried chicken bones.
   Turkey is MIPIM 2013’s ‘country of honour’. Apparently, Jones Lang LaSalle research predicts Istanbul will join Paris, Moscow and London as a ‘megacity’ by 2050.
  But what Cannes - pardon the pun - MIPIM 2013 do for London? What does MIPIM mean for London’s buoyant 'mega-luxurious' residential property market?
And what, if any, are the implications for the thousands of Londoners who can’t afford to buy a home in their ‘home’ city?

Paul Coleman, London Intelligence, March 2013

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