Pierre Rolin, founder, chairman and chief executive, speaking at a conference, said: “Emerging market land as an asset class is increasingly popular with ultra-high net worth investors. The appeal lies in the fact that it is a finite real asset, is under-researched and offers returns uncorrelated to other markets. Very significant upside potential from emerging market land is possible with returns on average from 30-40 per cent per annum.”

He pointed to SE Asian beachfront land as an example of where these types of returns can be found as a trend moves eastwards. In the 1950/60s land in Florida and the Caribbean began appreciating in value due to the growing affluence of the middle class and the growth of aviation. In the 1960s and 70s the same happened in the Mediterranean. The firm now looks to Thailand and Cambodia to see the pattern repeated.

Jeremy Gates, group managing director, said: “This area has de-risked in recent years and is witnessing rapidly improving accessibility – new roads/airports/flights – a key driver of rises in value. Demand is at unparalleled levels with a rapidly growing middle class in Asia, travelling more and increasingly buying second homes.”