Cannes next week – for members of the global real estate fraternity, this is the place to be (and to be seen). Property people from over 90 countries are presented with a unique opportunity to evaluate the real estate market, placing their yardstick on both the public and private sector. In addition to this, the hypothetical foundation stone of the real estate sector is truly at the heart of MIPIM. That is, establishing personal contacts and building relationships.
Amongst the conjecture (which will inevitably include Brexit, US politics and this week’s UK Spring Budget), we expect the following to be discussed:
The coming years will see just under 5 billion of the world’s population – 60% – living in cities. The full extent of the challenges and demands that this will place on the design and construction of our cities is yet to be seen. Indeed, many of these new city dwellers will be in Asia and Africa, opening new opportunities for the real state sector in less established areas.
The political landscape across the globe is changing at a rapid pace. New leaders with bold ideas and citizens with an ever increasing voice are challenging the status quo. How the environment for cross-border real estate investment reacts to such influences is a key question the industry is asking.
The dawn of the digital age is well upon us. Technology is playing an increasing role in the real estate sector. This year MIPIM will have a dedicated Innovation Forum, looking at how the real estate sector can embrace digitalisation.
The aftermath of MIPIM is unlikely to show a revolutionised industry, however, it is likely to be better braced for future opportunity.