Europe's beaten down property assets are starting to look attractive, especially in places such as Ireland and the Mediterranean, U.S. billionaire investor Wilbur Ross told CNBC Tuesday.
"Some of the projects that were so ill-considered they never should have been done, those'll revert to farmland," Ross said.
"In the resort areas [of Europe], there's a big influx of outside people, British people, Russian people and German people buying those properties in the resorts. So I think that part is starting to be on the mend," he added.
Property prices in much of Europe fell sharply in the wake of the 2007 global financial crisis and the European debt crisis. In Ireland for example, home prices fell around 57 percent between 2007 and 2012. In Spain, real estate values fell 23 percent between 2008 and 2012.