Blue = when I accumulated my Warsaw flats and when I entered the Bucharest market. Warsaw has been one of my best trades and hope to replicate that in Bucharest.

These two markets were barely talked about by offshore investors. Within Europe, they preferred Spain, Portugal, Georgia, Turkey - none came close to delivering these returns. Some lessons:

1) DYOR - run the numbers, check on the ground and trust your own instincts.

2) Don't mix lifestyle with investment. Many go for Southern Europe as they are charmed by the climate / views / lifestyle, letting that blind them of the overall poor investment case.

3) If your primary goal is investment return (rather than diversification or residency by investment) - find one market / region you believe in and focus on it. Don't spread yourself too thin, or there's no way you'll develop expertise to get consistent outsized returns.