Nick Barnes, a partner at the property consultancy Knight Frank, said that foreign economies pegged to the US dollar were encouraging for investors who were interested in “some counter-cyclical plays”.

Countries of particular interest are the Bahamas, Barbados, Bermuda, Cayman Islands, Belize, the Maldives, Jordan, Saudi Arabia, Bahrain, Hong Kong and Venezuela, he said.

But other countries where residential markets were traditionally transferred into dollar could offer opportunities too, such as the Caribbean, Latin America, Africa and oil-producing economies.

He suggested that during 2008 the pound to dollar exchange rate will hover at or just below the $2 mark.

“This makes purchasing US dollar-denominated assets attractive for UK and Eurozone buyers,” Mr Barnes said.

He suggested that the US itself was particularly attractive to property investors because of soft markets in some areas, with good deals waiting to be struck.

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