Istanbul real estate on the red carpet in Cannes
Rhona Wells reports from the South of France
With 93 countries represented, MIPIM is the ultimate global meeting place for the world’s real estate executives to come together with regional administrations seeking to develop and grow their towns and cities as international brands. Launched in 1990, the four-day event (10-13 March) is expected to attract over 20,000 delegates including more than 4,500 investors.
One of the main sponsors of this years’ event is Istanbul, under the auspices of the Istanbul Chamber of Commerce (ICOC); their flagship pavilion features an impressive 96 square metre model of the city, with hourly shows with special effects that showcase 24 hours in this fascinating city, which links East and West.
The president of the ICOC, Ibrahim Caglar said “presenting Istanbul’s new face, its vision and its heritage by emphasising its real estate and infrastructure projects as well as its iconic historical places on a 3D model is blazing a trail for us and other world cities. Our Chamber has 60,000 member companies active in the real estate and construction sectors and we aim to promote our efforts at MIPIM.”
According to a recent report, Emerging trends in real Estate 2015, produced by the Urban Land Institute and PricewaterhouseCoopers (PwC), the real estate sector is expected to be busier and more profitable in 2015. “The optimism is clear despite weak fundamentals and economic conditions as well as an undercurrent of concern about the geopolitical situation in parts of the world.
Looking at Turkey, Ersun Bayraktaroglu, real estate manager PwC Turkey, stated that despite the fact that Istanbul’s ranking in the report had dropped, “the future is still bright for Turkish real estate, especially for the international players seeking higher and safer long term returns. We have major mega projects underway, namely the 3rd Bosphorus Bridge, 3rd Istanbul Airport, 3rd Tunnel project under the Bosphorus, the intercity motorway to connect Istanbul and southern Turkey and a high speed rail network, all helping to create the need for construction. New types of financing have also been introduced such as Sukuks,”Real estate certificates” and “real estate investment funds (REIFs)” with interesting tax incentives for investors. So I am confident the market will pick up in the medium to long term.”
Looking at the market more broadly, Mike Strong, chairman of CBRE’s EMEA business, said that “The market across Europe, the Middle East and Africa was as good as it has been for several years, a renewed optimism which reflects an improved economic backdrop.”
MIPIM will showcase some of the mega construction projects around the world, as well as exploring innovation, including an in depth look at the digital and technological world of real estate.
The event takes place at the Palais des Festivals in Cannes till 13 March 2015.