The rise of emerging markets has been a key global trend of recent economic history, highlighted by the ascent of the BRIC countries in the past 10 years or so but established well before. Although activity in these immature markets — where higher returns are accompanied by greater risk and volatility — remains undeveloped, the potential is clear, and it is no surprise investor interest has increased. The ongoing search for returns in the current low interest-rate environment is only likely to reinforce this.

Recently, Investment Property Forum conducted a research project focusing on emerging-market investment in a real estate context. The related survey was aimed at understanding the scale and balance of activity between established and emerging markets, as well as gauging whether these underdeveloped markets are more investable than a decade ago. In addressing these questions, it was hoped to gain insights into the factors that determine the developmental status of rea