The USThe US property market as a whole may be ailing but, by cherry-picking the best locations, property speculators can still make healthy returns.

The southern and coastal areas of Florida have suffered badly at the hands of the property slump, but according to Justin Trapp, of estate agents Contempo Ireland, the Orlando area still offers plenty of growth potential.

Home to Disney World - which is projecting 60 million visitors this year - Orlando is the number one tourist destination in the world, making it an ideal rental market.

Mr Trapp says capital appreciation is now around 10 or 11 per cent per annum, having come off the heady heights of 20 per cent seen over the last five years. He singles out the nearby Tampa Bay area as primed for "massive growth".

With the dollar trading at around $1.35 to the euro, investors will get a lot more bang for their buck at the moment. "Your SSIA is immediately worth 35 per cent more in Florida than it is here because of the exchange rate," Mr Trapp says. "With a fair-sized SSIA you can put down a deposit on a very nice condominium."

He says high-quality apartments located 15 minutes from Disney are selling for $150,000.

The fact that there is no stamp duty in the Sunshine State will be music to Irish investors' ears, but they should bear in mind that sizeable property taxes are levied each year.

When buying in Florida it's advisable to go with a licensed real estate broker, as opposed to an unlicensed agent. A licensed broker is obliged by law to provide a "Good Safe Estimate", which gives the potential buyer full details of mortgage repayments, property tax, fees and so on.

Also, if a licensed broker misrepresents the facts, the buyer will be entitled to compensation from the Florida Real Estate Recovery Fund.