Software development in Southeastern Europe?

A question from Yahoo! Answers:

Where to invest in Southern East Europe?

I have a IT company for developing Engineering expert systems & i’ll need 100 programmers

Programmers are going to be the least of your worries. It’s the real estate that will kill you.

My first choice for the location to find programmers would be Bulgaria (lots of raw talent available very inexpensively), but in Sofia, decent office space goes for EUR 15-22 per month per square meter (which is cheaper than, say, banking district in Frankfurt, but still more expensive than most of the rest of Frankfurt). And that will be general-purpose office space, in no way optimized for software development, so expect your programmers’ productivity to be half of what you would expect in a good working environment…

Also, expect to pay a premium over Western European levels for everything that has to do with equipment and communications…

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