The annual MIPIM commercial property expo on the Cote d’Azur in France, which last year attracted more than 25,000 attendees to the Palais des Festivals in Cannes, has been postponed to June 2-5, due to concerns over the COVID-19 coronavirus, according to Reed Midem, organizers of the event. It had originally been scheduled for March 10-13.
The French-based company was determined that the event would go ahead as planned even as late as last week; however, when major international consultants such as Cushman & Wakefield, JLL, CBRE and Savills pulled out, that became unrealistic, even though a dedicated medical team was planned to be in place, in addition to other precautions taken with regard to prevention of the spread of the virus.
MIPIM, along with Expo Real in Munich, has become the most important venue for Hungary and other Central European countries to promote themselves and their projects to international investors.
The Municipality of Budapest, the Hungarian Investment Promotion Agency and the Association of Property Developers’ Round Table (IFK) have established a joint Budapest-Hungary stand at the event. Leading developers, such as Atenor, Futureal Group, Gránit Pólus Group, GTC Hungary, HB Reavis, Horizon Development and Wing planned to present projects due to hand over in 2020.
“For HIPA, MIPIM is especially important, since it gives us the opportunity to present Hungarian real estate development projects to international investors at one of the most significant events of the sector. This enables us to strengthen our real estate infrastructure, which is of key importance for economic development,” said Róbert Ésik, CEO of the investment promotion agency.
Total real estate investment volumes have averaged around EUR 1.8 billion in recent years and the real estate sector is one of the main drivers behind Hungary’s GDP growth of approximately 5%, ranking it amongst the top EU countries in terms of economic performance, according to HIPA.
The organizers of the joint Hungary-Budapest stand including HIPA, Budapest Development Center (BFK), IFK and the Liget Budapest Project, had planned to showcase Hungarian developments valued in excess of EUR 5 bln.
Projects from the capital and the provincial cities of Debrecen, Miskolc, and Szeged were to be highlighted, including the category “A” Forest Offices Debrecen, under construction in Hungary’s second city, and the ELI-ALPS Research Center and New Science and Innovation Park in Szeged.
The postponement reflects the impact the virus is having on international free trade and the investments markets, and the ability of companies to make and maintain contacts and promote their products.