The next guest we welcomed onto the windswept roof of the Palais to share the view was Bill Kistler, European president of the Urban Land Institute.
A report by the institute released today shows that London, always ranked as one of the top two real estate markets, has dropped to 15th.
The big winners are Moscow and Istanbul. But investors looking to maintain big returns even in turbulent times risk getting their fingers burned by dabbling in risky markets they don't understand.
Kistler urges investors new to these cities to be aware of the idiosyncrasies of these new growth markets and seek experienced partners to help successfully tap the growth they offer.
And for those who aren't ready to branch out beyond the countries they know, Kistler says there's still value to be had in the second tier European cities, especially in Germany, where growth has been more modest than in the UK. Hamburg rates as the third European city for investment market prospects and fourth for its development outlook.
But don't write London off just yet. Once sentiment turns up again, as surely it must in the economic cycle, the UK's capital is likely to climb the ratings again. And with land values slipping and retail investor redemptions forcing fire sales, there are sure to be buying opportunities to be had and investors ready to take them.
Which brings us neatly to the next question: once we've identified the money-making opportunity created by this market disruption, who's still in a position to take it? Stay tuned to CNBC's MIPIM coverage to find out.