does anyone know about investing in eastern europe

I think you’d get a much better response if you posted your question on Singing Pig which is the UK version of Australia’s Jan Somer’s forum:
http://www.somersoft.com/forums/
Singing Pig:
http://www.singingpig.co.uk/forums/ShowForum.aspx?ForumID=1

There are lots of active people on this forum and the guy who set it up (Ollie) is also very active.
Being in Europe, i’m sure the advice you receive here will be much better.

I recently returned from Europe (Turkey, Greece, Austria, Czech Republic, Slovakia, Italy, Spain, Holland, France, Germany, Portugal) after travelling through for 6 months and sussed out the real estate where i could.

A lot of the Poms are investing in Eastern Europe (mostly places like Prague and Bratislava) because of the cheaper cost of living and the proximity to their own country.
Flights in Europe are very cheap (it’s like catching a bus) and you can get flights around Europe from 10 Euro with airlines like Ryan Air and Easy Jet.
There’s also a lot of speculation with investing in EE as a lot of these countries are being considered for membership to the European Union.
It’s likely that Czech Republic and Poland (amongst others) will become members when the next intake is held in 2004.
This is putting pressure on property prices because the Euro is so strong compared to the current local currency.
Turkey is also receiving a lot of support from the English who are buying property on the south west coast. Inflation in Turkey has come down a lot and is now about 60%-80% (still huge by our standards!). The Lira is unstable and Turkey desperately wants to be considered part of Europe even though a lot of people say it’s the Middle East. In fact Istanbul is the only city in the world on 2 continents (Europe & Asia) divided by the Bosphorous.

Sorry i rambled on here… got carried away.
Check out Singing Pig and have a look.