According to Rode's Report on the South African Property Market, compiled by property economists Rode & Associates, low vacancies and an almost 4% growth in manufacturing volumes since the last quarter of 2003 resulted in robust growth in industrial rental and stand values last year.

"Real industrial rentals are still growing at a rate that beats building-cost inflation," says Erwin Rode, property economist at Rode & Associates.

Rode expects industrial rentals to post further robust growth this year because of the positive outlook for the economy.

Rentals on the West Rand grew almost 30%, while in the central Witwatersrand area they rose 16,6%. Rentals increased nearly 20% in Durban and 14,4% in Port Elizabeth. The report says the Cape Peninsula recorded a nominal growth rate of almost 11% last year.

While there remains plenty of restrictions to buying property in switzerland, the Swiss government has over the past 18 months, relaxed the laws preventing non-Swiss residents from buying property, permitting 1,400 foreigners to buy each year. Consequently a large number of Brits have been taking advantage of the country's low mortgage rates and buying up property in Switzerland, a year-round destination.

Foreigners are allowed to buy only one property in Switzerland and it must be less than 200 square metres, but there is even talk that these rules will be abolished by the end of next year. With a lively rental market and property prices rising, Switzerland may well prove a future property hot spot.

Bulgaria has been tipped as the hotspot of Eastern Europe by many property investment companies, but Stuart Law, Managing Director of Assetz, property investment specialist, advises investors to be cautious as Bulgaria is an immature market.

Stuart Law, Managing Director of Assetz, says: "Investors face a barrage of potential pitfalls when considering investing in an immature market such as Bulgaria. There are good opportunities for both city-centre buy-to-let properties and holiday homes with letting potential, but despite promising returns, investors must be wise to the risks involved of buying in an emerging economy."

He adds: "The best investment opportunities include the ski resort of Bansko and the Black Sea resorts of Varna and Bourgas. The capital Sofia is developing rapidly as a commercial centre, signalling that capital appreciation and rental yields should be very strong in the future, however investors should be aware that this is in no way guaranteed. People looking for a quick fix to cover a pension shortfall should not invest in Bulgaria."

French Ski Apartments

The construction of new apartments on an up and coming French ski resort is under way.

"Surprisingly, the resort of Serre-Chevalier is not as well known in the UK as most of its rivals further north, but it is growing in popularity," says James Rodwell, UK sales manager of MGM French Properties. "Because of the substantial skiing area and its potential for year-round use, I predict that, within a few years, Serre-Chevalier will become one of the biggest names in the French Alps."

When it is completed at the end of next year, the development, known as Le Hameau du Rocher Blanc will comprise 100 two- and three-bedroom apartments within a total of seven traditionally-styles chalets. The first phase will be completed by the end of next year.

Costa del Cash

Foreign investors beware, because amongst the new developments being constructed in Malaga and the Costa del Sol, there are some poor quality, illegal developments being built.

Many Spanish newspapers have recently reported that a huge money-laundering scam was taking place in Marbella. Consequently a number of people have been arrested, including well known local solicitors. At the centre of this scandal is Marbella's property market, which is believed to be have been used as a vehicle for laundering money.