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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