11-14th March 2014 Cannes hosted the World’s most influential international property conference MIPIM
Celebrating its 25th Anniversary Peter Vernon-Browne, Director at Boston Limited reflects on the key themes whilst soaking up the atmosphere from Café Roma.
MIPIM promises a year’s worth of business in an intensive 4 days. As a newbie to the event I spent 3 action packed days in Cannes and it is clear to see why so many attend. The most influential players from all property sectors descend on the beautiful French coast for meetings, networking events, presentations and exhibitions. The event offered a fantastic opportunity for property specialists to gather in one place and share the latest industry information.
The general consensus from those that I spoke to was that there is a notable up-turn in the European market. This was especially the case for those involved in commercial property where there is significant interest in Eastern European regions such as Poland and Bulgaria which appear to be returning to favour. Within the UK, residential developers are particularly upbeat on the planning opportunities outside of London. One contributory factor may be the headache shared by many Councils who are struggling to identify sufficient land sites to meet their 5 year plan.
We are all aware of the overseas interest in London, particularly originating from the Middle East, the Far East and Russia, but I was surprised to hear the about the amount of interest shown by Turkish nationals in the central London property market. Can the market sustain the growth recorded in the last few years? There are already signs that growth in ‘Prime London’ is slowing, with the rate of growth falling behind that of Greater London for the first time in years.
From a fiduciary perspective, I cannot stress enough the importance of ensuring proper, effective management and control by directors of property owning companies. At Boston the integrity of our structures is critical to the success for our clients. The one piece of guidance I would offer to all property specialists would be once you have spent the money on the professional advice effective implementation is key.
Finally, two highlights of the MIPIM adventure for me were the excellent breakfast event hosted by Malcolm Hollis on the Attimo yacht and a fantastic evening with Savills, Marstons and Shoosmiths debating the forecast for the UK property market – despite one too many Sambucas!
If you are interested in offshore structuring for your real estate needs please contact me by email firstname.lastname@example.org or by calling 01624 692930.