Process of localization of investments in suburban area of Olsztyn considers potential of area next to the city boundaries. Investors decide with particular consideration of spatial, social, economic, legal and environmental conditions of area and investment. The investment process affects changes in local real estate market, spatial and usufruct structure, technical and social infrastructure. Dynamic development of suburban area is an important condition of potential investor's decision, even though it is particularly caused by an impact of investments on the local market, society and space. The main purpose of analysis is to reveal changes in local real estate market, spatial structure and infrastructure in a period from 2OO to 2OO9 as an effect of investments localized in suburbs of Olsztyn. This paper reveals part of investment process in creation of area development in spatial, economical and social dimension.

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