Over the last couple of days I have heard from two different sources in my industry, though they are more on the multiple purchase side of things, that many investors are pulling out of Dubai. Apparently it is no longer viable due to many reasons.
Interest has now turned to Spain again. My sources have already made several presentations to ex-Dubai fund managers, they too have suggested the falling Spanish market is attracting attention.
I know these people have to put their multiple millions somewhere, and one would assume they usually buy in failing markets for the longer term investment.
I asked my contacts what kind of things they are looking for and the answer was, unfinished or whole blocks of coastal apartments at 60% or less of bank valuation. Also new commercial buildings and parking in cities.
Interesting, and I am in the process of contacting a few others on that side of things to see if it is a trend acrosss the investor side or just coincindence.