The Andes, the Amazon, beaches, football, cocaine wars, revolution, hyper-inflation and banana republics - many things spring to mind when thinking about Latin America, but property investment isn't typically one of them.

In fact, with leaders such as Pinochet, Noriega and Galtieri at the helm, Latin American politics hasn't always inspired the confidence required by investors that firm economic foundations and a stable environment are in place.

At the turn of the century, Argentina and Uruguay - typically two of Latin America's strongest and most sophisticated economies - might just have tempted the adventurous investor, but by 2002 both economies were in the throes of a major crash: GDP 'growth' for that year was minus 10.9 and minus 11 per cent respectively. Suffice to say, the severely burnt fingers of those pioneering investors served as apt warning for any property punter looking to follow in their footsteps.

Six years on, the roles are reversed. Old economies like the United States, Britain and Spain are teetering, and Latin America is looking fresh, vibrant and tempting in comparison.

Indeed, Latin American countries such as Brazil, Panama and Peru and a resurgent Argentina and Uruguay appear to be blissfully ignorant of financial palpitations of US and Europe. All look set to achieve strong economic growth this year - and even Nicaragua and Paraguay are predicted to enjoy economic growth of 3.4 per cent and 4.1 per cent respectively; incidentally, the Chancellor, Alistair Darling, has predicted that UK economic growth will struggle to 2.5 per cent at best.

"For Brazil, the credit crunch may just as well be a breakfast cereal," says property PR machine Sarah Drane. 

But Drane has hard facts to back up her flippancy. "Whilst the London stock market shrank by 1.5 per cent during 2007, its São Paulo counterpart expanded by 93 per cent due to a flood of foreign investment, a sizeable chunk of which went into real estate. "

Samantha Gore, of property agency UV10, adds, "The Brazilian property market, whose star performer is the northeast region of Rio Grande do Norte, is still managing to post annual appreciation of up to 25 per cent as demand is coming from two powerful camps – a domestic market keen to own property and international clients, many from the US and Asia Pacific region, wanting to share in a blossoming economy.  Couple this with some serious home-grown wealth, Brazil's dollar millionaires grew by 19.1 per cent over the last year alone, many of whom prefer to holiday in their own country, and this makes for an aggressive and sustainable real estate environment with unmatched rental and resale potential."

UV10 is promoting the frontline beach development of Jacuma Villas, a 27-kilometre drive north of the city of Natal.  Characterised by coral sandy beach in a sheltered bay, Jacuma is a well-known and well-heeled resort. Two-bedroom apartments are available from £98,000.

The fifth-largest country in the world, Brazil all-but dominates the geography of Latin America, but in terms of property options,  it is just one of many.

Uruguay has a population of just 3.5 million, its upmarket beach resorts could still teach Brazil, its northern neighbour,  a thing or two.

Punta del Este, 130 kilometres to the east of the capital, Montevideo,  is considered to be one South America's premier holiday resorts, attracting up to one million visitors each year - including a liberal sprinkling of the glitterati.

Sadly, rubbing shoulders with the stars doesn't come cheap. In regional terms, the two-bedroom villas at Swan Lake Forest being sold by Gem Estates have an astronomical price-tag: $350,000 (approximately £195,000).

The same can be said for the Seaside Mariana Spa & Golf Resort  (pictured)  in Nicaragua. Having only recently put its revolution-torn troubles behind it (anyone remember the Iran-Contra scandal?), this small Central American country should really be wowing overseas investors with bargain-basement properties. Instead, though, it's aiming high. One-bedrooom apartments at the massive Seaside Mariana Spa & Golf Resort are priced from $254,592 (approximately £141,000).

Thankfully, the developers have relied on more than just a strange name an odd-looking price-tag to bamboozle investors into parting with their cash. Instead, it is the  ocean-view homes, condo apartments, golf villas, hilltop residences, kayaking, 18-hole Jack Nicklaus signature golf course, the country's first wellness spa, a private beach club with cabanas and swim-up bar, five-star boutique hotel with fitness centre and a lifestyle plaza accommodating shops, restaurants, internet cafés, banks, a casino, nightclub and a performing arts venue which are expected to ease one's grip on one's currency.

Still, even two years ago, the merest thought of investing in Nicaragua would suggest that you'd completely lost your marbles. Now, property agents are saying you'd be crazy not to invest in Latin America. You can count me out, though: I'm saving up to pay my latest gas bill.

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For more information
www.uv10.com
www.gem-estates.com