Brazil, Russia, India and China are thriving on a commodities boom and increased access to mortgages and finance.
As well as the obvious buy to let style of property there is growing interest from companies, investment funds and in land as well as bricks and mortar.
'We're advising investors to own land, buy into real estate brokers, construction firms or suppliers of raw materials,' said Jonathan Garner, head of emerging markets strategy at Morgan Stanley.
Unlike their counterparts in developed economies, banks in most emerging markets are largely unaffected by the liquidity squeeze set off last year by huge subprime mortgage defaults in the United States, he pointed out.
'The credit crunch has very limited relevance to many emerging markets,' Garner said. 'Not only are the banks in good shape, you've also got households that are not overextended.'
The ratio of household debt to gross domestic product in these countries ranges from 5% to 10%, compared to more than 100% in Britain and 90% in the United States.
'Thanks to oil prices, disposable income has increased almost 75% in the last five years,' said Biljana Bozic, head of real estate at East Capital in Moscow.
But the UK based Royal Institution of Chartered Surveyors is more cautious and warning that European investors could slow down because of the credit crunch and concerns about global money markets.
'We believe investors are now less sure of the potential higher returns on offer in emerging markets,' it said in a new report.
'Tenant demand is still rising across emerging markets although at a more muted pace as multinationals feel the pinch from tougher economic times,' the report concludes although it expects African and Middle Eastern markets to buck this trend as fast-growing petrodollar businesses based in cities such as Dubai and Doha boost demand for commercial property space.
