Faz, Agreed - but my personal view is that I'd prefer to use my deposit money to buy two lower-value properties than one higher value one - the net growth should be roughly the same, but by buying small and many, your assets are more granular, each asset's gain is lower in absolute terms, so more of the gain is covered by your CGT allowance. Example in round figures : you sell one property, make a gain of £30,000, around £9,000 is tax free, £21,000 taxable. Sell 3 smaller properties over three years each with a £10,000 gain, and £27,000 is tax free, only £3,000 is taxable. When CGT can be 40%, it's a significant factor. So, back to the original statement, I think the cost of entering the Warsaw market may now be too high. Similarly Bucharest, the entry point is quite high. Andrew

Good points Andrew. I guess on the plus side you are also diversifying your risk somewhat, but on the other side, greater hassle and initial costs etc.