Will apartment prices in Chisinau increase in 2025?

The real estate market in Chisinau has seen significant growth in recent years. In 2024, the average price of apartments in Chisinau reached a historic high of 1,540 euros/m², according to the Acces Imobil real estate index. In 2025, we can expect a moderation in the growth of real estate prices and a decrease in the total number of sale-purchase transactions.

Factors driving price growth in 2024

Constant demand: Chisinau remains the main urban center of the Republic of Moldova, attracting population from all over the country due to economic opportunities and developed infrastructure.

Low supply - demand exceeded supply in 2024 by 20-30%

Affordability of mortgages: The launch of the government program "Prima Casă Plus" and the reduction in mortgage prices facilitated access to bank loans, stimulating demand in the real estate market.

Rising construction costs: The increase in prices for construction materials and labor costs led to the increase in the price of apartments in new blocks.

Apartment prices in Chisinau in 2025: What awaits us?

The real estate market in Chisinau has recorded constant growth in recent years, but 2025 could bring significant changes in price dynamics. Economic factors, such as the increase in the price of mortgages, the energy crisis and the increase in the price of consumer products, will influence both demand and supply in the real estate market.

Declining demand for mortgage loans

The National Bank of Moldova has increased the base rate from 3.6% to 5.6% amid rising gas and electricity tariffs. This decision will lead to a reduction in lending volume, a decrease in consumption and a slight slowdown in price growth.

In 2024, approximately 40-45% of apartments sold in Chisinau were purchased through mortgage loans, including through the "Prima Casă Plus" program.
This year, a reduction in the number of mortgage loans granted is expected. We can expect that the number of apartments sold through mortgage loans will not exceed 20-30% of the total volume of apartments sold in 2025.

Energy crisis and declining purchasing power

Another important factor is the impact of the energy crisis and the rise in the price of basic products on family budgets. Even though the average salary in the economy is estimated to increase to 16,100 MDL in 2025, compared to 13,700 MDL in 2024, inflation and high costs will significantly reduce purchasing power.

Launch of several new housing complexes in Chisinau

The start of construction of several new housing complexes in Chisinau will slightly alleviate the shortage of real estate for sale in 2025. Both investors and those who want to improve their living conditions will have the opportunity to purchase an apartment under construction.

Price evolution in 2025

Although apartment prices could cap at the current level of 1,540 euro/m², we can estimate a possible annual increase of 5-7%. This increase would cover the inflation rate, but without bringing a significant increase in the real value of housing.

Due to the inertia of the real estate market, despite the fact that we may have lower demand and fewer sales and purchases, it is unlikely that we will see significant decreases in real estate prices this year.

Determinants of the real estate market in 2025

At the moment, it is difficult to make accurate predictions regarding the evolution of the real estate market in 2025. Everything will depend on:

• The evolution of the inflation rate
• Government decisions regarding the "Prima Casă Plus" program and the accessibility of mortgage loans
• General economic indicators, including real wages and the unemployment rate

At the same time, we must also take into account other regional and global factors that may affect the economy of the Republic of Moldova, including the real estate market.

CONCLUSION: What to do if you want to buy or sell in 2025?

For buyers, caution and a detailed analysis of the market are essential. Consulting a real estate professional can make the difference between a good purchase and a risky one.

For sellers, it is important to establish a true market price based on a comparative market analysis, in order to enter the market with a fair price and attract potential buyers, despite the fact that we will have a lower demand.

Although the market may remain stable, rapid economic changes make 2025 a year of uncertainties.

Author: Victor Cernomorcenco, Real Estate Specialist at Acces Imobil.

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