John is right - you can't look at Eastern Europe as one region as it consists of around 15 different markets all in very different stages in development, including:
Albania, Moldova, Macedonia - just beginning to get off the ground
Romania, Polish & Czech Third-Tier Cities, Slovakia, Montenegro - tremendous growth over the past 12 months, but how long can it last?
Latvia, Estonia, Bulgaria's Black Sea - burned out and on the way down.
There are definitely still opportunities in Eastern Europe, but you need to look for them and plan your exit strategy. I'm tipping Bratislava out of Eastern Europe for 2008.
I am still very bullish about Egypt's Red Sea resorts and I'm not the only one. The Egyptian section of the site is the most active for a reason - there are a lot of educated buyers who come to this site that can also see its potential.
You can find details of the opportunities in 16 developing markets in Eastern Europe and North Africa at my site:
Investment in Property & Real estate Europe- Bulgaria Turkey Croatia