Emerging markets are the current buzzwords for anyone involved with or interested in overseas property. Whether you are looking for a second home; a serious investment property or simply to ‘have a punt’, the emerging markets offer a broad range of opportunities.

Despite many pre-conceptions, buying property in countries such as Montenegro, Latvia, Poland or Brazil is surprisingly straightforward, and you rarely have the problems that established markets such as Spain have witnessed in recent years. Owning and maintaining a property can also be very hassle-free in many areas.

For those looking for low-maintenance buy-to-let properties, Latvia is a surprisingly attractive choice, offering strong long-term rental demand and financing up to 90% of the property value. With off-plan developments in many countries you are generally required to pay in stage payments during construction, whereas in Latvia you only have to pay a deposit of 10-20% with nothing due until completion, when a bank mortgage can cover the balance.

Many emerging markets are surprisingly attractive, with countries such as Montenegro and Slovenia being seen as some of the most beautiful in the world. Add to this direct flights from the UK, very cheap cost of living and extremely hospitable people and it is no wonder that more and more people are choosing these destinations for second homes and holidays.

Cost of living is an important factor influencing the swing from established destinations to less well known ones. This also applies to ski resorts as well as coastal areas, where a meal in a Bulgarian ski resort will cost you less than a quarter of the equivalent price in France or Italy. The price difference for property is even wider, and the fact that the skiing is excellent and there is huge investment going into the resorts means that Bulgaria is set to rival many Alpine ski destinations.

For those of you who are willing to be a bit more speculative with your money there are some very interesting opportunities around the world, offering phenomenal growth if you pick the right area. The latter half of 2005 has seen a huge level of interest in Brazil – particularly land, which is incredibly undervalued at the moment. This trend should continue into 2006, when several other new locations are set to emerge on to the property investor radar, such as Serbia, Argentina and Ukraine.

For whatever reason you are looking at investing in property, spending a bit of time looking at what some of the emerging markets can offer may be the best thing you ever do.