At first glance, these two facts appear to contradict each other. According to the 2024 Population and Housing Census, published by the National Bureau of Statistics of the Republic of Moldova, nearly 88,000 homes in the Municipality of Chisinau are not permanently occupied, representing approximately 23% of the total housing stock of Chisinau. At the same time, apartment prices continue to reach record levels, rents remain high, and for many families purchasing a home has become more difficult than ever.
The explanation, however, is far more complex than it may seem. The census does not measure how many homes are "empty" or immediately available for sale or rent. Instead, it records how many dwellings were not permanently occupied at the time the census was conducted.
Behind this statistic lie a wide range of situations: completed residential buildings that have never been officially commissioned, apartments purchased by members of the Moldovan diaspora and used only occasionally, homes temporarily vacant between tenants, deteriorated properties, apartments involved in legal disputes, and many other circumstances that are not immediately visible in the data.
In this article, we examine the main factors that help explain why nearly one quarter of Chisinau's housing stock is classified as not permanently occupied, and why this figure should not be interpreted as evidence that the city has an oversupply of housing available on the market.
One of the most serious challenges facing Chisinau's housing market is the growing number of residential buildings that have been physically completed but have never been officially commissioned for occupancy.
Over the past decade, numerous residential developments have sold most - or even all - of their apartments, yet buyers have been unable to legally move into their homes for years.
The reasons vary from project to project and may include:
The outcome is always the same: thousands of apartments physically exist but remain unavailable for occupation, while thousands of families continue paying both mortgage loans and rent at the same time.
This phenomenon artificially reduces the effective housing supply and contributes to maintaining upward pressure on residential property prices.
Investment opportunities for households in the Republic of Moldova remain relatively limited. The domestic capital market is still underdeveloped, and accessible long-term investment alternatives are scarce. As a result, residential real estate has become one of the country's preferred vehicles for preserving wealth over the past two decades.
This trend is particularly visible among the Moldovan diaspora. Thousands of Moldovans living in Italy, Germany, France, the United Kingdom, Ireland, the United States, Canada, and other countries have purchased apartments in Chisinau - not only with the intention of returning home one day, but also to have a place to stay during visits to Moldova or simply as a long-term investment.
For many, purchasing an apartment has represented both an emotional connection to home and a practical strategy for protecting their savings against inflation and economic uncertainty.
In many cases these apartments are not rented out and are occupied only for a few weeks each year. During the rest of the year they remain vacant and, according to the census methodology, are classified as not permanently occupied.
A similar investment pattern can also be observed among residents of Moldova. In the absence of well-developed financial markets, many households continue to view residential property as one of the safest and most reliable assets for preserving family wealth over the long term.
Not every dwelling included in official statistics can realistically be considered habitable. Across the Municipality of Chisinau there are apartments in advanced stages of deterioration, long-abandoned homes, properties without essential utilities, buildings damaged by fires or severe water infiltration, as well as apartments requiring major structural repairs before they can be occupied again.
This category also includes part of the housing stock located in Soviet-era dormitories. Many of these units still lack basic facilities such as a private toilet, bathroom, or kitchen, and their living conditions fall well below modern housing standards.
From a statistical perspective, all of these properties are part of Chisinau's housing stock. In reality, however, many of them cannot be considered viable housing options and therefore do not effectively contribute to the city's available housing supply.
A population census captures the housing situation at a specific moment in time. The housing market, however, is constantly changing, and the status of an individual property can change within weeks - or even days.
On the day the census was conducted, an apartment may have been temporarily vacant because the previous tenant had recently moved out, the owner was carrying out renovation works, the property was being prepared for sale or rent, it had been purchased by a new owner who had not yet moved in, or it was still awaiting its first buyer after construction.
In each of these situations, the dwelling is recorded as not permanently occupied, even though it may become occupied shortly afterward.
This type of temporary vacancy is a normal feature of every functioning housing market and reflects the natural cycle of buying, selling, renting, renovating, and changing occupancy.
Over the past three decades, the Republic of Moldova has undergone profound demographic and social transformations that have significantly influenced the way housing is used.
The country's population has declined, household sizes have become smaller, and an increasing number of people now live alone. At the same time, internal migration continues to concentrate people, jobs, education, and economic activity in the Municipality of Chisinau.
There are also many personal and family-related reasons why homes remain unoccupied. Some owners have permanently settled abroad and prefer to keep their apartments rather than rent them out. Others purchased homes for their children or other family members who may not need them for several years. Some apartments are used only occasionally when owners return to Moldova, while others remain tied up for years in inheritance procedures or legal disputes.
As a result, many of the dwellings classified by the census as not permanently occupied are not actually available for sale or rent.
For this reason, the number of homes that are not permanently occupied should not automatically be interpreted as the number of homes available on the housing market.
The fact that nearly 88,000 homes in Chisinau are not permanently occupied should not be interpreted as evidence of a housing surplus that could immediately solve the city's affordability challenges.
On the contrary, this figure reflects a series of structural issues that have accumulated over the past three decades. These include residential buildings that remain uncommissioned despite being physically completed, investment-driven property ownership, an aging and deteriorating housing stock, homes that are temporarily outside the market, and profound demographic and social changes that have reshaped the way housing is used.
This is the central paradox of Chisinau's housing market. On the one hand, almost one quarter of the city's housing stock is not permanently occupied. On the other hand, according to the Acces Imobil Real Estate Index, apartment prices have reached their highest level on record, while demand for modern, well-located housing remains consistently strong.
These findings suggest that Chisinau's housing challenge is not simply about building more apartments. It is equally about making better use of the housing stock that already exists.
A significant share of homes remains unavailable because of legal obstacles, while others are used only occasionally, are no longer suitable for habitation, or are tied to residential projects that have yet to be officially commissioned. Together, these factors reduce the effective housing supply and continue to place pressure on prices.
At the same time, another long-term issue cannot be ignored. Over the past several decades, residential construction has often expanded without a comprehensive vision for how Chisinau should develop as a city. Numerous new apartment complexes have been built, yet investments in transport infrastructure, utilities, schools, kindergartens, public spaces, and parking facilities have not always kept pace with residential growth.
Looking ahead, Chisinau needs more than continued residential construction - it needs a modern housing policy based on reliable data, long-term planning, and sustainable urban development. Such a strategy should combine the modernization of the existing housing stock, the completion of delayed residential projects, the development of low-density neighborhoods with fully serviced infrastructure, the expansion of affordable and social housing, and better integration between housing development and public infrastructure.
Only a comprehensive and coordinated approach can transform a significant share of today's underutilized housing into active housing, improve affordability, strengthen the resilience of the housing market, and support the sustainable development of the Municipality of Chisinau for future generations.
Author: Victor Cernomorcenco
Realization of the analysis by Victor Cernomorcenco, specialist in real estate in Chisinau and representative of Acces Imobil.
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