In 2005 - almost by accident - most of the units that Property Secrets sourced in Poland, Slovakia and the Czech Republic cost around £50k.

Last year, it seemed that most investors expected us to keep sourcing apartments in a band between £40k and £60k.

But 2006 has been different.

So far this year we've found two-beds in Bucharest at £80k, and yet you'd expect Bucharest to be a LOT cheaper, right? Say around £40k? I, too, was surprised by this; but, of course, there is an explanation. More in a minute.

And we found one-bed apartments in a trophy building in northern Poland in excess of £128k.