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