Property investors’ appetite for emerging European markets is low and is unlikely to recover for the foreseeable future. For now, however, stronger economic fundamentals and relatively low risk of oversupply in both Poland and the Czech Republic suggest that these markets carry the lowest risks. However, once the pain of the IMF’s enforced fiscal consolidation in Hungary, Romania and, potentially, in Turkey is over, it is plausible that these supposedly ‘higher risk’ countries could present the sounder medium-term investment opportunities.