Transnational property investment has increased dramatically during the last few decades. This process has been traced by literature focusing on capital‐rich countries (e.g. the United States, Canada, Japan) and on major world cities. More recently, in tandem with the collapse of the Berlin Wall, the geographical horizons of foreign investors have broadened to include former socialist countries. This article examines the recent surge in Israeli property investment in Central Europe and argues that global flows depend on relationships between place of origin and destination. Mobility of property capital creates networks that connect cities on a transnational basis.