From Superyacht News
The 2013 edition of MIPIM* – the world’s largest real estate exhibition – concluded on 14 March, with encouraging messages emanating from the event. The organisers claimed MIPIM 2013 to be ‘the most active MIPIM since the 2008 economic downturn’, attracting around 4,300 investors to Cannes.
According to consultancy DTZ, there is €253 billion of available capital to be ploughed into the real estate sector in 2013, with lending up 22 per cent year-on-year.
Real estate and construction are industries that follow money. Investment in a region is usually a sure sign that there is a growing concentration of wealth there. It should be noted by brokers therefore that, “cities are once again seeing their skylines dotted with construction cranes. This has been reflected by the number of new projects presented at MIPIM, not just from Europe, but also from Asia and a growing representation from such Latin American countries as Brazil, Chile and Argentina", as MIPIM’s director Filippo Rean explained.
Synergy with Superyacht Industry
With a resurgent sector boasting such healthy figures and widely available capital, it would seem the obvious place for a spot of covert courtship by the superyacht industry. These upwardly mobile investors appear prime targets for sales and charter brokers alike, particularly considering the venue’s positioning at the epicentre of the French Riviera.
The charter market too, reaps the benefits of staging such events in prime cruising locations. Speaking to SuperyachtNews.com, Bluewater Brokerage’s Peter Bennett, who is acting as the central agent for the sale of 30.2m Benetti Quid Pro Quo, said that the vessel had been chartered for a repeat client attending the event. “A private group that charter the boat every year booked her for the event. It was a MIPIM customer that uses her for [ease of access to the exhibition].”
Popular Benetti vessel, 56m Galaxy was also chartered by someone attending the event, a further indication that superyacht charter and a resplendent real estate sector can be mutually lucrative. Y.CO’s Tom Debuse, who is acting as the vessel’s charter broker confirmed that, despite marketing commitments for the sale of the vessel, she was chartered for the duration of MIPIM.
Collaboration Between Real Estate and Marine Development Sectors
In a nod to the growing potential for collaboration between the real estate and marine development sectors Boris Johnson, Mayor of London - deemed ‘the most attractive European city’ to investors by the show’s organisers - unveiled plans for a 60,000sqm ‘floating village’ to be built at the Royal Victoria Dock. Mr Johnson issued an open invitation for design submissions.
Commented Robert Tobin: “It is excellent to see the positive news coming from MIPIM, and having walked around the show a number of times over recent years this is a key event for not only the industry but the world economy in general in that a strong property market is an indication of a strong economy.
“In terms of the link to yachts, MIPIM is an event that has always attracted some high profile vessels and I have seen many a glass of champagne being “quaffed” onboard whilst the next property deal is being discussed, a tradition which I am sure will occur more and more as we emerge from the economic malaise of recent years”
“Basically, High Net Worth people, buy property, sail on yachts and fly on business jets, all areas we as a company help clients manage their affairs around on a daily basis so long may MIPIM and yachts prosper hand in hand”
Note *MIPIM (Le Marché International des Professionnels de l'immobilier) is an international property event hosted in Cannes, France each March. MIPIM attracts people from a wide variety of real estate sectors. It aims to facilitate business between investors, corporate end-users, local authorities, hospitality professionals, industrial and logistics players and other real estate professionals.
Read the full story in Superyacht News