Moldova’s real estate market is going through one of its most challenging periods in 20 years, but there are no signs that prices will fall—Veaceslav Ionita
The economic policy expert stated during Friday’s “Economic Analysis” program that the Moldovan real estate market has seen a sharp decline in the number of transactions, particularly in the apartment segment. He noted that of all real estate market segments, the apartment segment has been hit hardest: the number of transactions has fallen to its lowest level in 20 years. According to the expert, the pace of transaction registrations in the first quarter of this year suggests approximately 27,000 transactions per year, which is lower than in previous years. The decline is most pronounced in Chisinau: while there were 23,700 transactions in 2024, in 2025 there were 14,000, and in the first quarter of 2026—only 2,240, which is half as many as a year earlier (the forecast for all of 2026 is no more than 6,000 transactions). Nationwide, the number of transactions fell from 52,500 in 2019 to 20,700 in 2025. The expert attributes the decline to rising housing prices starting in 2023, the rising cost of living, and investors exiting the market. At the same time, banks have changed their lending policies, reducing financing for construction companies and focusing on mortgages for completed housing, which has increased pressure on developers and reduced the volume of new housing units commissioned to a 20-year low. Additionally, according to Veaceslav Ioniță, the structure of transactions has changed significantly: whereas cash purchases previously dominated, now about 70% of apartments are purchased with mortgages. The Prima Casă (First House) government program also played an important role in reviving the market; however, it faced sustainability issues—funds allocated for this year were already exhausted by the first quarter of 2026. At the same time, the expert asserts that, given the limited supply of new housing and low investment activity, there are no prerequisites for a price decline. According to Veaceslav Ioniță, the market has found itself in a vicious cycle—weak demand, limited supply, and difficult access to financing—and without structural reforms, the market could enter a prolonged period of stagnation. // 24.04.2026 — InfoMarket.
