Cannes Attracts More Than Just The World’s Rich and Famous

Cannes is know for being a 'playground of the rich and famous.' It is also known as THE festival, where filmmakers hope to make a name for themselves by getting one of the many awards being given. Euro News reported that Cannes has another little-known benefactor--the MIPIM (Marche Internation des Professionels d'Immobilier), the international investment and real estate fair.

Around 26,000 real estate developers and urban planners from around the world gathered for 2019, which also marked the 30th founding anniversary of MIPIM. The gathering has also become a place where civic leaders, as well as cities, get to invite investors to their respective countries as well as invite developers to invest in development projects.

Filippo Rean, MIPIM's director of real estate, said that it really is the 'Cannes' of the real estate world. It has been a great platform for France and the rest of Europe to showcase what they have to offer. Most of the developments here are city infrastructure projects that show the best of what investors can get from each of these European member states.

Those who have gathered at this year's MIPIM included Dubai-based developer Nakheel. It is their fourth year joining the annual gathering, according to Breaking Travel News. Nakheel is bringing along an impressive showcase of their available projects and 'investment opportunities,' all valued at an impressive US$15.8 billion.

Nakheel's return is also to build up its international investor portfolio. To date, the developer already has 30,000 global clients, with about 3,500 of them coming from Europe. The developer also has amassed investments reaching up to US$35 billion.

They began to be famous in the early 2000s, when they were connected to the impressive Palm Jumeirah. It was their ticket to their first MIPIM. Now, on their fourth year in the annual gathering, they are bringing a collection of real estate projects set at prime locations in Dubai.

Dubai is only one such city that's globally expanding its reach, starting by becoming a 'partner' of the MIPIM. Such events like this are good signs that real estate is still normal, despite the current trend, where prices are going up, causing surplus stocks to proliferate. It appears, with this event, that real estate is currently coming back on track, although it remains to be seen how outside forces will further help it or stifle it.

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Sign Up for Newsletters and Alerts