But Mr. Ross believes many of the “speculative developments” will never be completed.
“Some of the projects that were so ill-considered they never should have been done, those’ll revert to farmland,” Mr. Ross said.
Asked where clients would come from in Spain, considering the “complete tsunami” of foreclosures, unemployment and other economic issues buffeting the country, Mr. Ross was vague. But Mr. Ross offered his own theory about why Spain’s stark unemployment numbers may not match the state of the economy.
“You go down the streets of Madrid, you go down the streets of Barcelona, and you know what? You don’t see any beggars,” he told CNBC. “That makes me wonder if the official figures may not be capturing a lot of people who may be working in the grey economy.”