The Moldovan real estate market experienced its sharpest decline in 15 years in 2025, with the number of transactions reaching a historic low
IDIS Viitorul economic policy expert Veaceslav Ionita stated this, noting that in 2025, 31,200 commercial real estate transactions were completed in Moldova, compared to 45,200 transactions in 2024. According to him, this is the lowest level of transactions since 2011 and one of the few situations in recent years when the market has fallen below the threshold of 40,000 transactions, along with 2023. According to Veaceslav Ionita, the most affected segment of the market remains the apartment segment, especially in Chisinau. The number of apartment transactions in the capital fell from 23,700 in 2024 to 14,000 in 2025, the lowest figure in the last 15-20 years. Nationwide, the number of apartment transactions fell to 20,600, compared to more than 52,500 in 2019. The structure of transactions in 2025 is as follows: apartments in Chisinau – 14,000 (45%); private houses in the rest of the country – 8,500 (27%); apartments in the rest of the country – 6,600 (21%); private houses in Chisinau – 2,000 (7%). “Although transactions involving private houses show less fluctuation, apartments are the main factor in the market downturn,” said Veaceslav Ionita. According to the economist, while most real estate transactions used to take place in Chisinau, in 2025 the capital and the rest of the country will be almost equal in terms of indicators. Compared to 2019, when almost 40,000 transactions were made in Chisinau, in 2025 their number decreased to 16,500, while in the rest of the country - to 14,700. At the same time, against the backdrop of a shrinking market in the capital, the suburbs of Chisinau are becoming increasingly active in the real estate market. The regions with the highest number of apartment transactions in 2025 were: Chisinau - 59.2%; Balti - 9.6%; the suburbs of Chisinau - 8.7%; Ungheni - 2.2%; Orhei - 2%, other areas - less than 2%. “The small number of transactions causes uncertainty about prices, while contributing to maintaining high prices in the real estate market,” the expert noted. According to the economic analyst, a characteristic feature of 2025 is a sharp increase in the number of transactions carried out using mortgages, parallel to a reduction in purchases made exclusively with own funds. While 16,100 transactions were made using fully available funds in 2024, their number decreased to 6,300 in 2025. At the same time, the number of mortgage transactions increased to 7,100, approaching the historic high of 2019. The share of apartments purchased using mortgages reached 61.1% in 2025, compared to 30.9% in 2024 and less than 20% in previous periods. According to Veaceslav Ionita, the number of mortgage loans issued by banks reached a new record of 8,300 in 2025, with an average of at least 2,000 loans issued per quarter. Thus, the share of mortgage loans in the total volume of real estate transactions increased to 29.9% compared to 18.6% in 2024. The expert notes that 2025 confirms the collapse of the traditional real estate market, especially in Chisinau, along with a growing dependence on mortgage lending. Although the volume of transactions is declining, the demand for housing remains high, which keeps pressure on prices and increases uncertainty for the coming period. // 30.01.2026 — InfoMarket
