With an increased focus on international property investment, the role of emerging property markets in delivering portfolio benefits has attracted considerable attention. In particular, the European emerging property markets (eg: Russia, Poland, Turkey, Greece) account for 11 countries, with 1% of the global listed property companies market capitalisation. This paper considers the role of European emerging market property companies in a portfolio, assessing the risk-adjusted performance and portfolio diversification benefits over 2007-2010. This performance is benchmarked against the European developed market property companies (15 countries), as well as globally and with the respective stockmarkets. The property investment implications are also highlighted.