The markets of the countries undergoing economic transformation are considered to be nascent. In their characteristics special attention is brought to the degree of risk caused by the political instability, weak economic condition, insufficient data about the real estate market, and in some cases unclear legal status of properties and improper land use policy. Those factors combined with the decreasing rate of return make transactions on the real property market much less attractive to the institutional investors. However, some positive developments have been also noticed on that market, e.g. increasing professionalism of people involved in real property business.