Dear Mark

Are you sure you are in Bucarest and not Budapest? Prices in Bucharest are not down, agents promote stories like this to try to drive demand for new builds in crap areas, hence why they are not selling. The demand is here for New and existing, the trouble with a lot of the New is that it is crap and the Romanians are far from stupid.

Example being I currently have 9 apartments that foreigners boutght through a well known overseas agent in August 06 and the Romanians will not even give me what the foreigners paid 18 months ago. Like any market, buy the right object and you will do well, but be assured prices in Bucharest have in no way dropped.