Investors Worldwide are Interested in Real Estate Projects in Vilnius
Today, MIPIM 2018, the world’s leading property exhibition, begins in Cannes. After a break of a few years, Vilnius participates in the event as well.
During MIPIM 2018, the City of Vilnius and the city development agency Go Vilnius will present investment projects and city development plans as well as an architectural competition. Partners of the exhibition will present their property projects in addition to city projects at the joint stand – developers will present 11 projects that are in progress in Vilnius or will be implemented in the city in the future.
Foreign experts currently see Vilnius as a city that is attractive to investors. According to Remigijus Šimašius, Mayor of Vilnius, there is a direct connection between investments in properties, especially office buildings or hotels, and business investments and subdivisions established by international companies, some of which even move to Vilnius.
Over 20,000 participants take part in the exhibition, during which investors and developers of major real estate projects from all over the world look for potential investment projects. The Mayor of Vilnius, in addition to the projects being presented, will also fulfil the pleasant obligation of collecting the awards. During the selection by fDi Intelligence, the investment experts’ subdivision of Financial Times, of the city in Europe that is the best destination for foreign investments, Vilnius became the third best European city of the future. The strategy for attracting investments of the capital of Lithuania was recognised as one of the best in Europe. It was ranked third in its category.
According to Remigijus Šimašius, Mayor of Vilnius, who collected the award, Vilnius’ high rating opens even more doors, helps new investors discover the city, and gives advantage during negotiations with new investors.
About the projects:
During MIPIM, Vilnius will present several urban infrastructure projects that will help to solve traffic problems, offer new public spaces to city residents and inform foreign talents about the city to foreign investors and real estate developers.
The project of reconstructing the right bank of Neris, which includes the territory of the former Žalgiris stadium and the Palace of Concerts and Sports as well as the areas around the White Bridge and Šnipiškės, will bring city residents to Neris, which provides rest and inspiration. This project provides for investments in the development of the right bank of Neris, gives opportunities for developing offices, hotels and residential properties; there are also plans for new public areas, parks, cycling and walking trails.
The infrastructure project “Northern Street” presented at MIPIM will help resolve future traffic problems. The new street will connect the Western Bypass in Vilnius and Ukmergės Street in Šeškinė to control traffic in the city. According to Mindaugas Pakalnis, Chief Architect of Vilnius, the Northern Street will remove excessive traffic and to some extent duplicate Ozo Street, where a new big attraction, a multifunctional centre with a stadium next to the already existing Akropolis trade centre, is planned. During the development of the project, there will be opportunities for investment projects along the Northern Street, which will cross Pašilaičiai, Justiniškės, Fabijoniškės and Šeškinė. It is estimated that the total value of investments in real estate on both sides of the new city artery may comprise up to EUR 0.5 billion.
In addition, during MIPIM there will be meetings with architects and architecture companies of worldwide renown who expressed interest in participating in the tender for the reconstruction of the Vilnius Concert Hall.
Participants of the exhibition
In addition to Remigijus Šimašius, Mayor of Vilnius, Vice Mayor Linas Kvedaravičius, Gžegoš Sakson, Chairman of Urban Planning and Development Committee, and Mindaugas Pakalnis, Chief Architect of Vilnius, will attend MIPIM as well. The visit of the delegation will be coordinated by Go Vilnius, the city tourism and business development agency.
This year, in addition to city representatives, nine real estate development companies participate in MIPIM; at the Vilnius stand, partners will present 16 projects in development: offices, hotels, commercial and residential real estate.
MIPIM partners of Vilnius: Eika, Lords LB Asset Management, Vastint Lithuania, Urban Inventors, MG Valda, CITUS, Inreal, Schage, the company that manages the Quadrum business city, and CUP, a business and trade centre in Vilnius. In addition to real estate developers, other Vilnius partners include the law office COBALT, which drafted a legal and tax overview, and the real estate appraiser Newsec, which drafted an overview of investments in the real estate market of the city.
More information on projects and Vilnius participation in MIPIM is available at http://www.vilniusatmipim.lt%20