I do agree with some of the points you have drawn up, I have been here in Romania for several years, I have been a agent for a while. I do know the market pretty well, After many years of experience in other markets, I can tell you, that if you are buying outside of Bucharest with lands sales these things can happen and still do happen. Ask any reputable lawyer, Yes I do know several unscrupulous overseas property agents. Most of them do have no clue of the market you are correct in that aspect. However, Besides them, I can tell you that many local agencies will do the same and still really have no clue of the market, Thank God many of them have left the business. And despite all the warnings and sad stories. I still do beleive the Romanian Market is still a good investment, As long as you buy in the right areas at the right prices. Not just in Bucharest. But many other areas are better buys at this time.
Now speaking of smaller developers, Yes the bargains may be had with them, However, I can tell you that some developements that had begun construction, Have now been abandoned, Right now the Market here is experiencing a stagnation, and a correction. Land prices have dropped by 20% within this first quarter as reported on local news papers with no end yet to bottoming out, The apartment prices are starting to decrease, I beleive the Bubble is bursting somewhat. Most developers are reporting at most 30% of their units sold with no one coming in to purchase right now. As there are some risks right now in the Romanian market, Due to overvalued pricing. And credit crunching by the banks. With higher lending rates. Though I do beleive the market will begin to pickup steam in mid to later 2009. After the correction. With most of the unworthy agents that are left , I beleive will be gone by then.
By the way, I am not a overseas property agent, I live and work here daily, I may not be Romanian, But I am not a scammer in any way shape or form. I have not made much money here using these tactics, But my reputation is not shattered.
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