"These Central European countries have performed well, given their early moves to carry out economic reform, their recent good growth and growing appeal to investors and international business," said David Hutchings, Cushman & Wakefield's Head of European Research. "Investors seeking high-risk returns are likely to be more attracted by countries further down the ranking, such as Russia and Turkey."

The country ranking in the Emerging Europe report takes into consideration some 50 different political, economic and real estate related factors. Regarding real estate factors, the report states: "The availability of modern real estate, whether for offices, retail or industrial, is a catalyst to attract businesses to these emerging countries. Where space of the right quality is not available, economic development will be slowed."

The 13 countries are: the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, all due to join the EU in 2004; Bulgaria, Romania, and possibly Croatia, due to join the EU in 2007; Turkey, a candidate country that has not yet started membership talks; and Russia, the region's biggest country with a population of 143 million, which has a partnership and co-operation agreement with the EU.