After some wide-spread surfing i found some Real Estate in Detroit for less then $2,000.

Along with Bulgaria, this seems to be the cheapest in the World ....

Or do you know different??

I`ve never tried it, but I reckon if you search hard enough you`ll find some real estate in places like Bangladesh or in parts of Africa for a fraction of that.

But, if you`re talking about places where you might realistically want to live, then I imagine that parts of eastern Europe (like you already mentioned, Bulgaria), are a good bet.

From the invest viewpoint it doesn't even matter if you could imagine living at the place where you buy some real estate of course

Prices should be low now and most important of all: the region/country/city most have the potential to reach the 'western' (including Japan of course ) standards of living between today and 15/20 years or so.

Bulgaria is a full member of the EU, many Western-European companies have opened or relocated companies to the region, the tourism is growing rapidly (as they have beautiful resorts at the Black Sea and skiing resorts during the winterime) and the economic growth is quite large.

But be careful with a couple of things in Bulgaria: the total population of Bulgaria is declining. Reasons: low birth rate and young people going to the West to find jobs that are better paid. Together will the low population density I think this is a reason that it can take many decades before prices in all the small towns that are far away from the seaside, the skiing resorts and the most important cities.
Fraud is also quite a problem in the country although the EU will definitely force Bulgaria to take action against it in the years to come.

So, if you ask me:

- Cheap real estate in the Varna-Burgas areas at the seaside: Yes!
- Cheap real estate in the growing capital Sofia and the skiing resorts: Yes!
- All the rest: be careful

By the way, how about Detroit?? Aren't there other high costs involved when buying something for 2k$???

only the repair costs and POSSIBLY high taxes...which is ridiculous for houses with prices that low.

We've purchases properties for as low as 5k in west michigan...least HERE we can actually put tenants in these properties because rental market is strong.