Wednesday, 12 March 2014

MIPIM, Cannes, London Mayor, London local councils, New York penthouse, Green Belt

MIPIM – the ‘international real estate show for property professionals’ – bathes itself in Cannes sunshine this week, writes Paul Coleman.

A taste of a Casino Royale lifestyle for MIPIM 2014 delegates at Cannes

Beware the Ides of MIPIM

It’s early March – and London’s Mayor Boris Johnson and several local authority officials sacrifice their precious time and flagging energy to suffer the climes of Cannes in the south of France.
Once again, Cannes hosts MIPIM – a kind of global real estate ‘tournament’ for property developers and investors - set against a James Bond Casino Royale lifestyle backdrop.

But, temporarily, heads swivel across the Atlantic to New York.
Specifically, eyes bulge upon 200, 11th Avenue, The One Penthouse, New York 10011.
A ‘Penthouse in the Sky’, for sale, at $23,000 million (£13,839, 583).

For your $23m, you’ll get three bedrooms, 3.5 bathrooms (!), inside 3,598 square feet of a re-designed, 1930s-built ‘slice’ of the 'Big Apple'.

New York property company Zillow predicts New York home values will rise almost 5 per cent over the next two years.

New reserve
We're not quite sure why all these dollar signs spin so furiously in MIPIM-dweller eyeballs. After all, isn't this where central London land and property prices seem destined anyway?

Lay aside gold, Bitcoin, and other crypto-currencies. 
London land and property now reigns as a new reserve currency.

Green Belt
Even outer London's supposedly sacred and protected ‘Green Belt’ open land seems up for grabs - as London becomes an offshore locus for global players seeking a ‘safe haven’ to stash their wealth.

All this begs several questions.
Notably, where in their own city will Londoners on average and lower incomes be able to afford to live?
Will this price boom bust?

Will parts of central London become a ‘void within a vacuum surrounded by a vast inanition’?

Blame London's Mayor. 
If the meaning of 'inanition’ escapes you. 
It's his verbal shebang.
One of his most cherished phrases.

Just like, 'London, a world class global city'.
You're welcome to a slice.
If you can afford the price.

Paul Coleman, London Intelligence, March 2014

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