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Really interesting thread.

I am a on/off 2plus2 lurker but thought i would add my thoughts to this one.

I work in UK and European real estate constantly looking at emerging markets. For me much of Europe is finished, including Russia and there is no appropriate risk - return profile at the moment. Always some markets are going to be interesting, for example i am looking at Serbia and Bosnia at the moment but the only market that has me slightly intrigued is Turkey because of its size, the size of Istanbul and the retail environment there.

The 4 buzzwords when you hear emerging are Bazil, Russia, India and China but they have been buzzwords for so long now that i think most the growth has happened - certainly in China and India which i know a little about.

A couple of people have mentioned Vietnam and from a real estate point of view i think this is inetersting though i have only had a few meetings and am at the early stages of the process.

Panama is definitelty a good shout - Guys i know from the UK are doing the biggest development ever out there at the moment - real gateway that country.

My thoughts are all based on real estate which is my field -what do others think from a real estate point of view.

Also - the truth is there are niche opportunities in every market eventhe most mature markets. They are harder to spot and more competitive, but more than likely the risk-return correlation is appealing