Criterion Global, international property consultancy for luxury residential real estate, hotels, and gaming brands, comments on this trend at the upcoming the 2008 MIPIM conference in Cannes, France, the largest showcase dedicated to the world’s property market.
Cannes, France (i-Newswire.com) March 9, 2008 — MIPIM, hailed as the largest market showcase for global property, will host an unprecedented number of developers, brokers, and housing industry service providers. Attendance is up 26% from last year, and 46% from 2006, with more American participants than ever; increases likely due to the harsh impact of the US mortgage crisis, and the need of many developers and sales groups to seek buyers abroad.
This year, a record number of American developers and service providers will be represented, some with longstanding stature in global real estate; others desperate to find foreign buyers for struggling US developments.
“The increase in American attendees at MIPIM, which are still an extreme minority, is informative: it shows US-based developers are engaging the one yet-untapped market for luxury buyers,” says Dr. Paul du Quenoy, Senior Advisor at Criterion Global, a Russian market expert and a recipient of multiple Fulbright Fellowships.
Criterion Global, whose services include media and marketing, as well as helping domestic projects syndicate sales through foreign brokers, is one of an emerging group of real estate consultants expert in marketing real estate on a global scale. “The faltering American economy is being felt abroad, and its telling that the US has had to reach overseas for buyers: the whole situation is an undeniable testament to the globalized nature of Property 2.0” says du Quenoy.
Enticing foreign buyers calls for new marketing measures; particularly for luxury developments in New York City, Miami, and Vegas, where developers are re-educating themselves on how to target their audience.
“This is the first time developers have truly had to view their work as a global enterprise, particularly in markets hit by the credit crunch. All day long I hear people asking me how to bring foreign buyers to their project. The media and marketing strategies have changed significantly. We’re targeting wealthier Americans capable of with cash, and foreign buyers whose stronger currency gets them 30, 40, or 50% discounts off some of the most high-end properties in the US” say experts at Criterion Global, who concur that online advertising is an integral part of international property marketing.
“It’s imperative. Online ads are the most cost-effective way to cover international markets, and by far the most accountable. We’re devoted tremendous resources to expanding our interactive department, from a technology and HR perspective, and the expertise shows in the campaigns.”
MIPIM functions as a global marketplace by providing a unique opportunity for industry decision-makers to meet, showcase their projects, and develop long-term relationships. It takes place this year on March 11-14th, at the Palais Des Festivals in Cannes, France and organizers expect to host 28,000 investors, developers, and end-users from 82 countries.
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