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The sagging price of oil isn’t stopping Middle East investors from hunting down overseas property deals. Experts predict investment in overseas real estate from the region will increase in the months ahead, as high-net-worth individuals look for property outside the U.S. and Europe.

“Middle Eastern investors are usually interested in diversifying risk so we expect to continue to see them putting more money into overseas property assets,” Craig Plumb, the head of research at JLL’s Dubai office, told The National newspaper. “The low cost of oil may mean that they are getting less income but generally they are cutting back in other areas.”

At Punta Pacifica Realty, we’ve seen a steady increase in interest from the Middle East in recent years. Investors from the region are primarily looking for high value property that can produce a steady yield, with the likelihood of appreciation over the long term.

During the property boom in Dubai, investors were routinely experiencing double-digit appreciation and they are not satisfied with the skimpy returns found in many U.S. and European markets. In Panama City, Punta Pacifica Realty-managed properties have been able to produce yields of more than 10 percent in choice properties. Panama real estate prices are rising, but they are still far below prices in London, the most popular target for Middle East investors in the past.

But there are signs that London’s popularity is waning. In the first quarter of 2016, 32 percent of the Middle East money went to London, down from 43 percent in 2013. Post Brexit, the weak pound has some investors looking for deals in the U.K. But luxury prices are still high and the uncertainty and turmoil of the EU are looking less attractive.

The Qatar Investment Authority recently paid $622 million for a 10 percent investment in the company that owns New York’s iconic Empire State Building, which was seen as part of a move to diversify its portfolio. Qatar’ sovereign wealth funds have primarily been focused on London, where it owns Canary Wharf, Harrod’s and Olympic Park.

The Qatar fund recently opened an office in New York, a sign that it is actively looking to expand its influence in the region, The National noted.

Middle East investors spent $9 billion on foreign property in the first half of the year, slightly higher than a year earlier, according to JLL. Panama, with its stable, dollar-focused economy and high-rise apartments is a natural target for a portion of those investments.

Jeff Barton is managing director of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.