When it comes to real estate investing in Latin America, Brazil and Mexico garner all the attention — for good reason. As the two largest economies in Latin America with sizable investable real estate universes, their young and growing middle class populations are seen as strong drivers of real estate demand. And Brazil is one of the famous BRIC countries, no less.

Outside of Brazil and Mexico, real estate investors are left with smaller countries that are perceived to offer fewer and, perhaps, even riskier real estate investments. Most Latin American countries are overlooked, if for nothing more than the lack of a compelling reason to consider them. This is a shame.

A global study reviewing 105 emerging economies identified Colombia, Chile and Peru as possessing some of the most promising characteristics for real estate investment across Latin America. The study took into account more than 30 variables that look at factors such as future urbanization r