Other exotic locations appearing on the property buying map include Croatia, Montenegro, northern Cyprus, Bulgaria, Poland, Hungary, the Czech Republic, Latvia, Estonia, Brazil, Mauritius, Lebanon, Egypt and Dubai.

The world's larger property consultancies are opening shop in locations where markets are maturing, leaving smaller estate agents to deal with the riskier spots.

Savills is marketing residential apartment blocks in Prague and Budapest, where prices have surged over the past four years.

The property consultancy believes European Union (EU) membership will boost property values further in these and other Eastern European cities.

It is also keen on Dubai, where the population has tripled over the past three years, requiring 45,000 new homes be built each year, it says.

It promises gross rental returns of between 10 per cent and 15 per cent in the emirate, where property prices can be surprisingly cheap, with new studio flats starting at GBP36,000 (about $485,000).

Prices can be low elsewhere, with Force Ten Property marketing Brazilian property from as little as GBP20,000. It believes prices will go higher, because Brazil, growing at 7 per cent a year, is an emerging economic power.

In Europe, GBP20,000 homes are available in Montenegro through estate agency Someplace Else. The cheapest properties appear to be in the Baltic States, where estate agency Estonian Properties is offering homes from only GBP15,000 in western Estonia.

In Turkey, Avatar International is marketing detached, three-bedroom villas on the Bodrum peninsula, for a mere GBP60,000, while prices for one-bedroom apartments at the architecturally acclaimed Venus Beach Residences in Turkish-controlled northern Cyprus start at GBP58,000. The sales agent is British-based Cypriot Estates.

Some destinations are for big spenders, however. Mauritius opened its doors to overseas purchasers last year, but only the wealthiest can buy at the purpose-built resorts open to foreigners.

Anahita, the newest of these resort communities, has prices ranging from GBP600,000 to GBP2 million for homes set around a golf course.

Property pundits warn about pitfalls of buying in some of these countries. Stuart Law, managing director of property company Assetz, said aspiring EU members Bulgaria and Turkey ought to be avoided.

'Turkey has been hyped as a hot spot. However, with no mortgages available it does not represent a good use of capital for investors,' he said. 'Bulgaria is suffering from corruption and widespread production thefts.'

If Turkey failed to gain EU membership, that could delay Bulgaria's accession and affect the property markets severely in both counties he said.

Mr Law said: 'Bulgaria, in particular, has benefited from strong early gains in house prices but would risk being sent into free fall. Investors should treat property investment in these countries as highly speculative and beware of the loose claims of guaranteed returns made by property agents.

'We think that the three highest risk property investment areas are now Turkey, northern Cyprus and Bulgaria.'