The strongest advocates of UMV deals are the property investment consultancies who buy in bulk and resell units to investors. But anyone can buy UMV if they look in the right place at the right time. Strictly speaking, any off-plan purchase (that is when you buy a property before it is built) may become a UMV deal in a short time. This is because when an off-plan flat or house is built its value may have appreciated to a market value well above the fee paid by the buyer.

Cannier individuals do even better. For example, you can buy an off-plan show home (often the first one built on a scheme, located near the entrance and well-maintained) and then lease it back to the developer for an extra return.

A few hardcore investors also seek out the final units in a scheme when every other home has been sold. These investors then use their experience to bargain hard with the developer, who may part with the final one or two flats UMV to avoid expensive security and insurance on a site.

But the largest potential gains come when a heavilyfunded property consultancy or consortium makes bulk purchases of scores or hundreds of flats or houses 'very off-plan' . . . sometimes two to four years before they are built.

The bulk purchase is funded either from individual investors sinking their money into the consortium, or through an institutional loan.

Either way, the funding allows the consortium to negotiate large price reductions.

Some developers . . . especially in so-called overseas emerging markets with no previous record of international investment . . . are grateful for these bulk purchases. They provide financial security and avoid the developer incurring marketing costs to sell to lots of individual buyers.

Determining whether a scheme can be bought under market value though is tricky.

One solution is to look at five comparable units in a similar location, then measure the cost per square foot of each and compare the average with the discounted price of the new home. Buying at least 20% to 45% under the market value is also a good idea. That way if the market falls, chances are you won't lose out. But he biggest UMV discounts and largest potential profits will be made in what many property observers believe to be the riskiest locations.

It's no coincidence that the highest-profile overseas UMV deals are in emerging locations such as Brazil, Turkey, Romania and the United Arab Emirates. Nor are they even in the most obvious tourist locations in these countries . . .

instead they tend to be buy-tolet style properties in big cities or holiday-style properties in unestablished locations.

In many of these locations the risks are far greater. And yet despite these concerns, pioneering Irish investors appear to be happy to try UMV purchasing. The buzz word it seems has found willing listeners.