The State should regard international investment in housing the same way it regards foreign direct investment (FDI) by multinationals that set up operations here, a property event in Cannes has heard.
The recommendation came during a panel discussion at the first Irish Real Estate Pavilion to feature at MIPIM, a four-day property and real estate event held annually at the Palais des Festivals in the French city.
MIPIM, billed as a global urban festival, has been running this week through to Friday, with senior executives from some of the largest global property investors in attendance at the Carlton Hotel on Wednesday to hear about Ireland as a “prime European real estate investment destination”.
“International capital to support investment in housing and commercial property development in Ireland is just another form of foreign direct investment,” said John O’Driscoll, global co-head of real estate at investment managers AXA IM Alts, speaking at the Irish pavilion.
“My hope is that in the coming years Ireland will regard the FDI which supports housing in Ireland as favourably as it has always regarded the FDI which has supported so many Irish jobs over the past 30 years.”
The first ever Irish presence at MIPIM was organised in association with the State-owned Ireland Strategic Investment Fund (ISIF) and was sponsored by Ardstone, Bank of Ireland, IPUT Real Estate and Kennedy Wilson.
The Irish pavilion also heard from Graham Doyle, secretary general of the Department of Housing, who noted the Government’s estimates that it will need up to €20 billion in development finance a year to help deliver the targets that have been set for the housing and property market over the coming years.
Others in attendance included ISIF director Nick Ashmore and Cairn Homes chief executive Michael Stanley.
More than 20,000 delegates from around the world attend MIPIM – an acronym that springs from Le Marché international des professionnels de l’immobilier – each year to discuss investment opportunities and strategies.
