Owing to the higher expected returns and surging economic growth, the CEE region with its emerging and dynamically developing real estate markets used to be a centre of active international real estate investment. After the crisis of 2008, however, many investors have become more cautious and selective with regard to investing in this region, and often display reluctance to enter those previously deemed among the most attractive real estate markets. This is particularly due to the substantial uncertainty and foreignness implied by international investment per se, as well as the increased risks inherent in these markets and intensified by the crisis. A growing body of literature on real estate investment risks offers limited research on CEE countries in this respect. This study sets out, therefore, to identify, structure and analyse the major risks of investing in real estate, with a particular focus on the CEE region, in order to see if they are large enough to hinder further investment into these markets.