One emerging market attracting a flood of investment capital is Brazil. With more than $1bn (£400m, €628m) in commercial real estate deals signed each quarter, the country has raced ahead of other regional rivals such as Argentina, Mexico and Chile.

Rising wages, low inflation, and a stable currency have spurred construction activity - and bullish sentiment. Sam Lieber, the president of Alpine Funds and portfolio manager of the Alpine International Real Estate Equity Fund since 1989, says Brazil is a good place to be at present.