Interesting that as one door shuts, another opens.

The fact is that, while the CEE region isn't by any means going to escape the economic slowdown, some key economies are clearly going to benefit in the long term from the speeded up shift in manufacturing from West to East.

Today, we have a clear example, which is only the latest and certainly won't be the last. Dell, the US computer company, is moving its European and Middle East manufacturing operations from Ireland to Poland, shedding 1,900 jobs at an assembly plant in Limerick as part of global efforts to reduce costs and improve profitability.

The move would probably have taken place anyway, but the timing was likely brought forward as the crisis deepens.

So Limerick's loss is Lodz's gain.

Not only is this migration of jobs likely to bring increased affluence to key locations in CEE, but it will further attract Poles and others to return home taking with them increased skills and probably raised expectations - all of which will create vibrant economies and property markets over the next few years.