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Few places are as evocative as Morocco. The tanneries of Fez, kasbahs of the mid Atlas or whitewashed splendour of Essaouira. With its close proximity to Europe, it has attracted the mysterious and itinerant, from the hedonists of Tangier to the tourists gracing the Marrakech souk. There is an otherworldly quality to Morocco, and its exoticism is its trademark. But it is also characterised by a high level of development compared with many of its peers on the African continent and is widely understood by emerging market investors. This means structural challenges are increasingly viewed as opportunities, not least by impact investors focused on housing.

When people think of Argentina, they may not think of urban slums, houses without drinking water or malnourished children living well below the poverty line. However, the country’s widely publicised troubles over the last 40 years, from military dictatorship, hyperinflation and deep economic recession on more than one occasion, have left scars that are more than mere surface damage.

The recent history of Tunisia is one of both triumph and tragedy. The overthrow of Ben Ali and the instigation of the Arab Spring from Mohammed Bouazizi’s immolation in Sidi Bouzid, made the country the focus for those seeking a new narrative for the Middle East and North Africa. This extraordinary event led to protests from Manama to Muscat, Algiers to Amman.