Those who answered in the affirmative said they are ready, willing and able to buy property in 2010. Howard Roth, global head of real estate for Ernst & Young, said that real estate professionals are still being cautious in the wake of deep recession. "However, those investors currently sitting on cash smell the scent of a buying opportunity, and many of them are ready to invest. Whether that time is near or not, remains to be seen," Roth says.

For example, those at the conference agreed that the European economy has a way to go, at least until 2011. Dean Hodcraft, head of real estate for EMEIA for the company, said that future buying in these regions may depend on the willingness of lending institutions to kick-start financing once government programs end. "It's a great time to be a lender in the sense that you can be incredibly selective and write very conservative loans with highly attractive returns," Hodcraft said.

One key market to fear, agreed most conference attendees, is hospitality in the EMEIA countries. Valuations are still expected to sink, at least until next year. However, those polled believed that Libya, Qatar and Iraq, in that order, have the best potential for hotel development.

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