There will be a more gloomy outlook among the reduced numbers of real estate executives at MIPIM attending the usually lavish parties in the hotels and yachts.

And on the surface, at least, the symptoms of the ongoing malaise in the market will be obvious given that a third fewer people are expected to attend this year – down from about 29,000 last year to 20,000 – as companies rein in expenditure in a deepening recession.

That is in spite of attempts by the organisers to drum up support, including offering two tickets for the price of one as well as extending the 'early bird' discount on tickets right up to the event.

Some companies have cancelled stands and hospitality budgets will be reined in, say the organisers, but they also point out that the listings are still as busy as ever.

Financial Times