Romania
Currency: New leu
Value of US$1 today: 2.32
Value five years ago: 3.45
Percent Change: -32.5
Since Romania signed on with the European Union in January 2007, prices there have risen—and will surely increase again when (if all goes as planned) the country pegs its currency to the euro in 2012. In the meantime, the country is still eminently affordable. Brasov, a three-hour train ride from Bucharest, offers a taste of medieval life in mountainous Transylvania. The modern comforts of the 23-room Hotel Bella Muzica make it difficult to believe that the building is more than 400 years old. Its location inside the ancient city walls, overlooking Brasov's main square, affords easy access to sights such as the fourteenth-century Biserica Neagra (40-268-477-956; bellamuzica.ro; doubles, $115).

Turkey
Currency: New lira
Value of US$1 today: 1.18
Value five years ago: 1.70
Percent Change: -30.6
Turkey's days as a bargain bazaar have certainly passed, but while it awaits its ticket into the EU, rapidly modernizing Istanbul retains its old-world allure and a good exchange rate on the dollar. Rooms at the city's Hotel Empress Zoe are comfortable, decorated in Turkish textiles, and set in a group of adjoining town houses near most of the historic sites (90-212-518-2504; emzoe.com; doubles, $157–$187). Carved into a cliff in the rocky wonderland of Cappadocia, the Esbelli Evi has 10 beautifully appointed rooms, delectable Turkish breakfasts, handsome public areas, and a resident owner who keeps the place running like clockwork (90-384-341-3395; esbelli.com; doubles, $117; closed in Feb.).

MIDDLE EAST
Dubai and other desert destinations in the oil-rich Arab Gulf region have always been pricey—mainly because of the cost of imports, which are now 10 to 15 percent higher, thanks to the decline of the U.S. dollar, to which most Gulf currencies are pegged. By contrast, Egypt, a much poorer country but one rich in antiquities, remains a travel bargain. The U.S. dollar may have dropped four percent against the floating Egyptian pound in 2007, but government-subsidized gasoline is keeping local transportation prices down, modest salaries (85 percent of the population earn less than $330 a month) mean that hotel and restaurant operating costs are low, and the entire tourism industry is pitched toward inexpensive package tours, which translates to great deals across the board for independent travelers. Stuck between Iraq and Israel, Jordan—whose dinar is fixed to the greenback—is struggling to build its reputation as a tolerant destination rich in the historic patrimony of the world's three major religions. Jordan's unfortunate geopolitics, however, make its luxury hotels among the least expensive in the region. Although Syria abandoned the dollar peg last July (and actually saw its currency fall against the dollar), hotels continue to cite rates in greenbacks. The troubled economy and dearth of Western tourists translate into hotel rate bonanzas for visitors.