This doesn't mean thinking of them as all the same - far from it. But, it is undeniable that they all have certain factors in common, the most significant being that they are all emerging markets. And even a year or more after joining the EU, they remain developing nations and will do for some time.

So - follow the money. And, yes, the money will head for specific countries, but it is more likely to head for specific areas within countries where all the advantages it seeks exist.

In a moment we'll draw up a possible investment strategy in detail to demonstrate how things might work in practice.

But, for now, I would recommend that you establish your strategy by searching for the types of property that will be in demand around the following investment sectors, regardless of which country they are in.

Great, but where can you target your investment.

The following list is, of course, not exhaustive, but it gives a good idea of what we're talking about here, and it covers the main categories of importance:

• Tourism centres
• Budget airline routes
• Hi-tech industry
• Superstores and shopping mall development
• Big infrastructure projects - roads, rail, airports
• Large business investment
• Universities
• Main and secondary cities.

Areas with strong potential for tourism are a great bet for property investors, because most countries will almost certainly try to develop this industry - said to be the fastest growing industry on the planet!

Areas that were once successful tourist destinations pre-communism, are certainly worth looking at for investment potential.

Things to check:

What projects are on-going?

How is infrastructure being developed and is the 'software' in place, i.e., does the nearest airport serve the right destinations to bring in tourists? Are any of the budget airlines planning routes into the nearest airport.

What is the tourism model and can it attract the affluent, foreign customer?

For example, a site for ancient hot spas that has been hugely popular in the past may be thought to be unsustainable nowadays ... unless new life is breathed into it by some inspired and inspiring entrepreneur.

While, plans for a health farm, or sports holiday complex, are, perhaps, sustainable.

This is where your gut feeling comes into play.

What are the standards of service like both in the country generally and specifically in your selected tourist spot?

You may conclude that they are not, at present, very good.

But if you know, for example, that a major international hotel chain whose service and facilities you greatly admire, is planning to take over and renovate some crumbling Stalinist bloc of a building, then you may feel confident that money and know-how is coming into an area and it will be revived.

Once again - follow the money. What you are really doing is using the experts with the big money as your trailblazers. Basically, if they are willing to put money into an area, then it's probably worth you having a look as well.

It's not a guarantee of success, but it's certainly a useful pointer.

Properties in this sector have strong capital growth and rental potential. Ask yourself: what are you looking for?

Follow the budget airlines

With some exceptions, Eastern Europe has not been well served by the budget airlines that have proved so successful at opening up property markets to many more people in the west of Europe.

There are a few exceptions - easyJet flies to Prague (www.easyjet.co.uk) and the Slovak Republic's budget airline, Sky Europe www.skyeurope.com flies to Bratislava and Budapest from many Euro destinations - but there is still massive potential for expansion. Ryanair (www.ryanair.com) has in 2005 put several East European destinations on its route map.

Also worth keeping an eye on is the German and Austrian team Air Berlin and Niki www.airberlin.com . They already fly to a huge number of destinations around Europe and have now launched a site in Polish.

New routes opening up can have a radical effect on property prices. Suddenly an area or city can become reachable for a weekend from Western Europe - not reachable by distance, but by cost.

Hi-tech industry and technology parks

If you become aware that large employers in the hi-tech industry are planning major investments, it is a good idea to plan to buy property for rent in the same area.

Such cutting-edge industries attract all kinds of other investments, so boosting demand for property. Links at the end of the country sections may help you to keep tabs on such events.

But, in general, look to chamber of commerce groups, the EU, and any organisations that promote business in the individual countries for news of such investments. Industry-specific magazines can also be helpful.

Superstores and shopping mall developments

These developments can literally transform an area from a heartless, soulless zone into a thriving, trendy area in which people will want to live and work.

Along with big mall developments come all the accoutrements - at least, it's as well to check they are planned - like infrastructure: transport links, car parks, police stations, banks and so on.

And as consumers are drawn into the area, so too are add-on businesses, like restaurants, gyms, specialist shops and so on. Voila! You have a place in which more people will want to live and there will be more demand for housing.

Hence, the price of land will rise and, along with it, the price of existing good quality housing stock.

Big infrastructure projects

Of all the signals that are worth looking for, this is probably the most significant.

Why? Because shopping mall developers and industry investors and anyone who wants to develop a tourist destination will first look at existing and planned transport to and from that location.

Roads, rail and, especially airports, are all signals that an area is likely to receive not only investment in such projects but also a whole lot more will follow.

Major roads are likely in many of the Eastern Eight to be one of the priorities for EU investment as they are seen as absolutely vital for all of the countries' development.

Obviously, we're not really talking about a new road to take traffic away from a city centre here, although this can be an important trigger, especially in a tourist location.

We are talking about major arterial routes that open up new areas of the country for easy access, or routes that form exciting trade links between cities, or between, just for an example, a hi-tech development zone and its markets further west.

Business investment

Anywhere where business invests heavily in new production centres is likely to put that area, and the area nearby, on the map in terms of property investment.

This is especially true of high-end foreign companies moving into an area.

If they are bringing their own personnel with them and/or hiring highly skilled and qualified local employees, demand for affordable and desirable accommodation in the area or within a commutable distance of it will increase.

All countries have organisations to encourage this type of FDI and are only too pleased to trumpet new projects and contracts. There are helpful websites to check in each of the country sections.

Universities

Universities almost always offer excellent investment prospects, but particularly those in countries which are especially keen to open up to the world and establish new links.

This means more students from overseas attending courses and more tutors from overseas. This can, of course, lead to greater demand for housing in an area; but, perhaps more importantly, a dynamic and reputable university can make an area a desirable centre.

Look at areas around universities that are particularly active in attracting overseas staff and that are strong in research into sectors such as technology, and biochemistry.

Also, seek out universities that set up schemes that link private business with academia, as is now popular in Western Europe and the US. These are good signs to look for.

Main and secondary cities

Outside of tourist areas - and many cities in this part of the world are must-see tourist destinations anyway - look first at investment potential in the main cities, certainly if you want to minimise risk.

The bottom line is that if these countries are going to thrive and continue to grow at the kind of rates they have been doing over the last few years, then their main cities of administration and commerce will continue to play a leading role.

Demand for housing in and around these centres will remain high.

It is hard to see that if a country's economy remains robust - as the Eastern Eight's economies are fully expected to do - then the property market in its main city will not thrive.

Where you may decide to be adventurous is to look towards second cities in countries where you see signs that the market is, for the moment, at least, overheated.