At the risk of going off on another tangent (which is not necessarily bad), I agree that there are several developments which seem to be priced at European prices currently being sold in Brazil. Likewise there are a couple of developments in Spain being sold at "emerging market" prices.

If you look hard enough you can find all of the above and everything in between, but of course price can't be the only deciding factor when looking at investment property (preaching to the converted I'm sure).

I disagree with the 4/5 year comment about Spain though, I know a lot of property which was bought 5 years ago and since sold at a tidy profit, however if over the last 3 years (since 2003) I'd be more inclined to agree.