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Wednesday, April 17, 2024

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MIPIM 2024: New challenges for the real estate market

The global real estate market is slowly recovering from the turbulence of recent years, and MIPIM 2024, organized for the 33rd time from March 12 to 15, 2024 at the Palais des Festivals in Cannes, has attracted the world’s most important players in the industry, as well as investors, bankers and politicians – including office and residential developers, real estate agents and representatives from the health, retirement and sports sectors – seeking solutions to the new challenges facing the sector.

With its themes of sustainability, decarbonization and investment strategies, MIPIM 2024 is one of the largest real estate events in the world. This year’s 20,000 visitors and exhibitors included delegates from more than 90 countries. MIPIM is a catalyst for concrete solutions, bringing together face-to-face discussions, thought leadership, development opportunities and global capital to drive change.

The end of the era of easy money has hit real estate investment globally, upending business models that had relied on abundant and cheap debt for years. With this market collapse, many managers who had been on a roll during the boom years became history. The industry’s high rate of executive turnover suggests that it is looking for new solutions and innovative approaches. And shareholders and creditors are hoping that new leaders will help companies recover from their current woes.

This year’s MIPIM 2024 takes place at a time of global political and economic uncertainty and the need to address climate change, at a time of major challenges for key commercial and residential real estate segments. One of the highlights of the event will be the Policy Leaders Summit on Tuesday, which will bring together decision-makers from around the world to share their perspectives and priorities on the process of preparing their cities for long-term evolution, as well as factors such as geopolitics, demographics, technology and end-user expectations.

“As the sector transforms under the influence of geopolitical, demographic and technological factors, collaboration between public and business officials is key to the ongoing metamorphosis,” – said MIPIM Director Nicolas Kozubek.

In Europe, population growth is outpacing the supply of new space, with the most serious shortages in Germany, France and the UK. Similar trends can be observed outside Europe, in countries with even faster population growth. The housing sector is therefore actively seeking new models to meet market demand, from renting to ownership and other lifecycle changes. Today’s economies are facing a demand for new forms of housing and across all tenures, from social and affordable housing to private rental and ownership, as well as alternative housing such as student and senior housing.

“Every week, more than 1.5 million people move to cities around the world. And most are unable to keep up with the growing demand for housing, leading to rising prices and housing inequality. Now is the time to explore how we can shape the future, help find affordable and accessible housing solutions, and foster innovation and collaboration. Together, we want to pave the way for a more equitable and sustainable future of living in cities around the world,” – said MIPIM Director Nicolas Kozubek.

Described by its organizers as “the global urban festival”, MIPIM is a platform that connects cities and countries with players in the global and local real estate markets. It is both a trade fair and a series of panel discussions and thematic meetings, as well as a venue for numerous banquets and social gatherings.

There is also a strong presence from Poland in Cannes, including representatives of development and construction companies, real estate agencies, architectural studios, consulting and tax companies, law firms, investment funds and banks, as well as delegations of cities and regions from Warsaw, Katowice, Kraków, Gdańsk, Łódź, Poznań, Pomerania, the Upper Silesian and Zagłębie Metropolis, Gdynia, Pruszcz Gdański, Silesia and Wrocław. As every year, the Polish Pavilion become a platform for bringing together international investors with national entities and representatives of local governments.

Adam Białas
Adam Białas
construction and real estate market expert, manager and advisor in many projects with over 20 years of experience, business journalist. He also covers financials, (M&A, IPO-WSE, development and financing, Private Equity / VC funds), IT, HoReCa, MICE, digitization, e-commerce and gaming. For many years, he has been cooperating with the leading media in Poland and abroad, with the most important organizations in the sector and international chambers of commerce. Globetrotter, culture and art lover.
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