Deedee,

I think the hotspots (UK residential) will be
1 where current high yield properties (not HMO) exist. This will be terraced houses in good condition currently yielding over 7%. If and when the UK market flattens out, the race will be on for yield (cash flow) instead of perceived capital growth (psychologically negative growth).
2 where suburbian properties have been overpriced for some time (yields less than 4%). In a tight market, or a falling market, the sub-£500K properties will present some interesting BMV opportunities for those not stretched to 85% debt.

Overseas: Same thinking here.
1 Berlin. Severely underpriced apartments which can command long term stable tenancies
2 Spain. Distress sales approaching 50% BMV

All present interesting possibilities for a shift in portfolio strategy.