The UK property market is plunging, with leading lenders reporting that prices have dropped more than 10% in the past 12 months and doomsayers predicting even more dramatic falls.

The picture is not the same the world over, though. Property prices in some regions, including southeast Asia and some parts of Latin America and Europe, are booming.

Fund managers such as Norwich Union are launching schemes offering exposure to these markets and a growing number of savvy property investors are taking advantage and diversifying overseas.

Here is the Sunday Times guide to where to invest and how to get in.

Asia ex-Japan

Property values tend to correlate closely with economic growth, which makes fast-growing Asia an exciting opportunity for investors.

Tim Murphy of IP Global, an overseas property specialist, said: “Asia is home to 57% of the world population. The region is also making money very quickly, which is fuelling demand for second homes.”

Vietnam is one country on which many property fund managers are particularly keen, mainly because it is undergoing mass urbanisation.

Nick Ridgewell, head of Asia real estate at Morley, Norwich Union’s asset-management partner, agrees that Vietnam has a lot of potential, but is more circumspect about the risks involved. “Vietnam is a very exciting market,” he said. “However, it is very immature at the moment, which means it has a high risk profile.”

He believes Malaysia is a safer bet because its property laws are simpler and easier to understand. It is also cheap. You can pick up a three to four-bedroom city-centre apartment in Malaysia for about £120,000. “Malaysia offers good value for money in comparison with the rest of Asia,” said Ridgewell.

Europe

Bulgaria, Slovakia, Russia and the Czech Republic all recorded strong annual growth of more than 25% in the second quarter of this year, according to Knight Frank. But it was a different story in the Baltic states.