Paris and Lyon will compete head-on with London to woo regional investors at Cityscape 2005, the Middle East’s Premier International Property Investment and Development Event.
Despite being one of the most expensive property locations for investors and the recent setback by the recent terrorist attacks, London continues to be the focus for much of the UK’s economic, business and investment activity.
First of all, London’s successful Olympic bid will regenerate the whole of the east end of London, returning the site for office space and housing after the 2012 games.
London still remains a favoured destination for overseas businesses and workers. Most corporate activity tends to be based in the City and the West End. However, Sir Michael Lyons, former Chief Executive of Birmingham City Council, recommended governmental relocation to the regions after a review of government property which could lead up to 3.2 million sq ft of office space being vacated in London. And that’s more great news for investors!
Among the larger speculative projects is Cardinal Place. This mixed development includes 9,250 square metres retail space and 50,750 square metres of offices. Beside the Thames, developer Parkview International has spectacular plans for one of the largest privately-owned urban regeneration projects in Europe - the redevelopment of the former Battersea Power Station. This 15-hectare site will be home to 405,000 square meters of retail, restaurant, leisure, hotels, offices and residential accommodation.
While properties in the Middle East are being offered as a destination for real estate investments abroad, it is interesting that across the channel, Paris is turning the tables and offering residents in the Middle East an opportunity to invest and partner in the second largest real estate market in the world, after New York.
In March this year, Paris-Ile de France Capitale Economique, a non-profit organisation created by the Paris Chamber of Commerce and Industry, held its second forum in Dubai to promote investment opportunities in the French capital. 'Advantage Greater Paris: New Opportunities in Finance & Real Estate’ focused on new measures taken by the French government to attract international investors in 2005.
Thierry Jacquillat, chairman of Paris-Ile de France Capitale Economique (PIDFCE). "Greater Paris is the first location in Europe for the top 500 worldwide companies and we look forward to welcoming more of the international business community to Paris”.
Jacquillat explained that a high level of turnover, averaging a return of 15 per cent per annum since 1999, has made Paris the most attractive city for investors. Over the past five years Middle East investments in Greater Paris business real estate have risen six-fold from zero to six per cent. Greater Paris offers 47 million square meters of available business space, the second largest in the world, and in the first quarter of 2004 boasted a record investments of 5.2 billion euros (Dh26 billion).
Further south is Lyon, strategically placed at a crossroad between northern Europe and the Mediterranean coast, providing a gateway to Provence and the Alps. France's second-largest city Lyon offers a thriving economy and a quality setting – all things the city is keen to capitalise on in terms of attracting investment and business from overseas.
Lyon has a diverse supply of land and property. The richness of its economic fabric and its developments, the liveliness of its trade, the sustained development of its areas of excellence, and the quality of its research and training centres, make Lyon a recognised business region and a good place for investment
The "Greater Lyon, a Business Spirit" initiative is described as ‘a dynamic and diversified network of a hundred or so organisations and private companies, whose aim is to promote Lyon and assist those who wish to invest there’.
The property and real estate market in Lyon is particularly attractive: the Lyon metropolitan area is among the 15 leading European cities for investment. “The participation of the cities of London, Paris and Lyon at Cityscape 2005 show that these low risk, mature markets still continue to attract incredible interest here in the Gulf,” said Franck Dailles, Project Director, Cityscape.
The Middle East’s premier international property investment and development event, Cityscape 2005 takes place from September 17-19 at Dubai International Exhibition Centre.
