Property markets are often defined by low costs, long term potential and a stable economy. Many markets have developed so much so over the course of the last decade they can no longer be considered emerging.

For example, just a decade ago, some of the highest potential properties came from New Zealand, which now has some of the most expensive properties in the world.

Which are the next top five investment rich hotspots for investors looking for an emerging market? Several options may be unique and intriguing, as many of these countries take you around the globe and out of the safety net of Europe.

Cyprus

Cyprus is likely to be one of those golden nuggets of profit when it comes to property sales here. Cyprus has property that is still very affordable, especially in comparison to properties in other regions of Europe nearby. Cyprus is nearby to several of the largest countries in Europe which makes it an affordable and close holiday trip. More so, interest rates here are good. The Euro was just approved here in January of 2008, which will allow for even more growth through tourism.

The best locations in Cyprus may be in Northern Cyprus where there are outstanding developing markets. A word of warning, though; the best markets for investment will be outside of the current larger developments. Look towards emerging tourist destinations in the north and avoid saturated markets elsewhere.

Brazil

Watch out for Brazil

Developing cities such as Bahia are a better choice. This city, for example, is located on the northern coast, which makes it an ideal tourism spot. With the warm waters at its shores and the Caribbean just a small jump away, this region of Brazil is likely to see an incredible jump in property value. Moderate inflation, low interest rates and a very low cost of living make Brazil very attractive.

Bulgaria

Bulgaria may not be a new hotspot, but it has the potential for long term growth and is still emerging. It will be necessary for investors to stay out of the larger, potentially over developed cities and instead, move towards the emerging smaller cities.

Nevertheless, Bulgaria is slated to see a rise in property values by 10 to 15 per cent. In 2007, the country saw a record 30 per cent increase in property values, which was in stark contrast to the falling UK, Spanish and other European markets. Much of Bulgaria is in demand through tourism, but the economy is stable as well. This emerging market is likely to continue to grow by leaps and bounds through 2008 and 2009.

Panama

Panama is booming

These facts have helped to make Panama, and its ridiculously low housing prices and living costs, an ideal location for retirement. Both UK and US second home buyers have their eyes set on properties here due to their affordability and proximity to the Caribbean.

In addition, don't overlook Nicaragua and Costa Rica, both of which will play significant roles in the development of Latin America's tourism sector.

Asian Markets

Many UK investors looking for second homes had previously avoided investments in Asia simply do to the culture shock and the overall difficulty of communication. Yet, there are some outstanding opportunities dotting the Asian countries for investors. One of the best performing thus far is Malaysia. It has very low prices but has seen strong economic growth throughout the country. The location is beautiful, but the return on the investment is a better reason to invest here.

Another option is Thailand. The market here is moving steadily ahead. The economy is doing well but property prices are starting to increase, simply due to the demand for it.

On A Side Note

Africa is rising

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