I have to say that to say there are no emerging markets or good places to invest anymore is just plain wrong.
People who invested in Bratislava 2 years ago have made money and will probably make money this year against the trend of the rest of the EC, what happens beyond that is another question all together, The investors that make money know when to get in and when to get out. Some might call it Property specualtion rather property investment. the great thing about property investment is that unlike stocks or putting your money in the bank even if it crashes you dont lose all your money and you still have bricks and mortar.
There are still places to invest that have great possibilities once an investor has done his work in checking out market conditions, GDP and demand etc but in todays market its only the professionals or very clever investors who know what to do.
In the next 18 months some people are going to get very rich and a lot of people are going to lose money