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Emerging markets challenge Europe
The traditional European dominance of the foreign property market is being challenged by growing interest in bargain housing in Egypt, Morocco and Brazil.
Though the likes of France and Spain remain the most popular investment destinations and the flourishing economies in eastern Europe are pulling in more foreign capital, the staggeringly low cost of Egyptian property is providing an alternative.
Hetal Shah, of Investors Provident explained the increased interest in these previously overlooked locations:
"What we're finding is there's still a lot of emerging markets, you've got Egypt, Morocco, Brazil. These are definitely coming into the limelight and a lot of people are looking at these markets.
"The prices are so much cheaper than the rest of mainland Europe, so people are lookingâ¦In Egypt you can pick up properties for sixteen , seventeen thousand pounds...it's ridiculously cheap."
Mr Shah added: "In places like Brazil, you can go for forty or fifty [thousand] for a beach front apartment. Morocco is very, very similar, but thirty , thirty-five grand for a nice property."
The potential of the Brazilian market was recently exemplified by the announcement that Morgan Stanley Real Estate plan to expand their operations there.
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