Mipim confirms Russian cancellations

Reed Midem, the organiser of the Mipim international property market in Cannes, has confirmed media reports that a number of Russian firms will not be showcasing their projects at this year's fair due to the economic downturn. Russian daily Kommersant reported on Sunday that Inteco, Mirax Group, Don-Stroï, AFI Development, ADG and Penny Lane Realty have called off their trips to Cannes this year, and that Capital Group is still undecided.

In a reaction to the report, Barbara Efthymiou, sales director of Mipim, told PropertyEU that the current economic situation was having a significant impact on Russian real estate companies, particularly developers. 'Some companies which had a stand in 2008 have decided not to showcase their real estate projects this year. These include the companies mentioned (in the report), but most of them will attend Mipim as participants.'

She went on to say that many major Russian exhibitors will attend Mipim 2009, including Russian Land, Moscow Region, the City of St Petersburg, Russian Region (the Ministry of Economic Development and Trade) and Krasnodar Region which has extended its stand with an additional 200 m². 'New Russian exhibitors will also attend Mipim for the first time, including Foundation Gazpromipoteka and Ingeocentr,' Efthymiou said.

Kommersant quoted ADG president Mikhaïl Petcherski as saying that 'our participation makes no sense whatsoever since the majority of projects have been frozen'.

The 20th edition of the Mipim fair will take place in Cannes from 10 to 13 March 2009. Last year, Mipim attracted over 29,000 participants and over 2,600 exhibitors.