Bucharest apartment prices dropped for the first time in February 2008, after rising for two years in a row. The average price tripled in 2005.

The current average price is €1,888 per square meter, according to real estate advisory company Colliers International, which launched an index to calculate the evolution of prices for new and old apartments in Bucharest.

The index, known as BREI (Bucharest Real Estate Index), is calculated based on average transaction prices, followed by a general average value.

The General Manager of the Colliers Residential Department, Ilinca Paun, estimates that prices for new apartments will range between €1,150-2,200 per sqm plus VAT, while those for old apartments could drop 5 -15 percent.