Best investment real estate locations in the world?

If you had US$200,000 to invest in real estate. which locations would you choose to invest for best short term and best long term investments?

I like Australia as an investment location

USD doesn't buy you quite as much here at the moment though with the strong AUD.

I'd immediately convert it to Aussie dollars and go shopping

So - what could you buy for $ 259,539.99 AUD ?

Probably in some of the "Eastern Block" countries that have recently joined the EU

Sweet dreams ... = It's NOT enough !!!.
For example: an apartment in Warsaw, Poland costs $ 2400AUD + per sqm.
Warsaw is the second most expensive place to invest in EU after London !!.

For that amount I'd invest in an inner city pad- good quality large studio or possibly one bedder in the Potts Point/Elizabeth Bay area.
Yields aren't bad at all at the moment and it really is a great spot in Sydney, and yet so convenient to it all.

I think I'd invest in Penang

I probably should say why I'd invest in Penang because there are plenty of other places where CG would be better.

Penang is a wonderfully eclectic Asian mix of cultures and a fabulous place to have a holiday. I'd like a nice place there either at Batu Ferringhi on the beach or in old Georgetown that can be rented out to holiday makers. Maybe that way I'd get a few weeks there myself a bit more regularly than I do now.

Romania, Poland, China