Of the established markets my money would go into Berlin everytime. Prices range from very low- to low depending on what borough and what locality you buy in. And contrary to what i am reading on thsi thread, prices are rising steadily, as head of International Research for David Stanley Redfern Ltd, I have been watching them grow.

There are no off-plan units, and there is a shortage of housing. Demand for good rented accomodation far outweighs the supply, and the population is growing, so with no new development, the situation is only going to get worse, which equals better for property investors.

Okay, yields aren't spectacular, and it is hard to raise rental rates so yields tend to drop. But on the other hand the rental will be residential, and will probably start at around 8% before dropping. As has been said on this thread, Berlin is one of the best places in the world to make a long term property investment.