Europe is a maze of different countries that all seem to have different ideas about whether they want foreign investment or not. Some of the members of the EU have placed enough restrictions on foreign capital finding their way into some countries that it would appear that they've come a consensus that they're leery of foreigners and their money. In some cases, this does make sense since the influx of outside money often brings a change in the cultural climate of the place.

Still there are other countries in Europe that welcome the influx of foreign capital with open arms and these are generally the places that can be considered the top 10 for real estate development as well. Topping the list is a country whose EU ascension in 2007 brought with it a massive influx of development. All the influx of capital into Bulgaria is in preparation for the day when the country is officially made a member state. The smart money geared towards international real estate is heading towards Bulgaria and the entire country is benefiting from this massive influx of capital; as well as this burgeoning infrastructure, the country also boasts both winter and summer resorts that act as an added incentive to investing capital.

Part of this new interest in the real estate of Europe is a direct result of the changing political climate that started after the 1990s, and like Bulgaria, Croatia is another country that has similar characteristics and has attracted similar capital. Still, this isn't to say that only the new political systems are attracting investment in Europe.

There are many other places in Europe that can be considered traditional markets for real estate investing and one of them is in the Czech Republic. The growth of prices in and around Prague has been exponential in the last few years, but this country suffers from the same problem as others like Estonia in that only their capital cities are considered to be worthy of large influxes of capitol investment. In the rest of the countries that round out the top 10, there's generally a local and expatriate demand for property that has in some cases forced the local authorities to lessen the restrictions on foreign investment.

For example, those who are smart enough to invest in Budapest, Hungary's capital city, enjoy a growth on their investment of almost 25% per annum. Romania, Poland, and Lativa are other destinations in Europe that have been attracting quite a bit of investor interest, and even countries like Turkey have enjoyed an upswing in foreign investment interests since their EU ascension talks began in 2005. There are many different opportunities in Europe for the smart investor and most of these center around the upswing in the need for housing and the ever-present demand for accommodations near tourist attractions.