New tax rules will change how property owners calculate their ownership costs, while investors will need to reassess the profitability of their real estate investments.
The effective capital gains tax rate will increase from 6% to 12%, while owners of residential properties with a combined value exceeding 4 million MDL will be subject to a new wealth tax mechanism. At the same time, the conditions for tax exemption when selling a primary residence will become more flexible.
These changes come at a time when Chișinău’s real estate market is going through a period of adjustment: property prices have reached historically high levels, the number of transactions has declined, and buyers are taking a more cautious approach to purchasing decisions.
This raises an important question: will the new taxes change investor behaviour, increase the supply of apartments, or even lead to price adjustments in 2027?
We have analysed the main scenarios and how the new tax rules could affect Chișinău’s residential property market.
To assess the impact of the new taxes, we first need to look at the recent evolution of Chișinău’s real estate market.
Over the past few years, residential property prices have risen rapidly. According to the Acces Imobil Real Estate Index, the average apartment price increased from €1,070/m² in 2023 to €1,540/m² in 2024, reaching €1,720/m² in 2025.
This means that prices rose by approximately 61% in just two years, reaching a historic high. However, in 2026, the upward trend came to a halt, with prices remaining around €1,720/m². This signals a period of stagnation following the strong growth recorded in previous years.
You can find more details about this trend in our analysis: Acces Imobil Real Estate Index – 10 Years of Monitoring Chișinău’s Real Estate Market.
However, rising prices have not been accompanied by a similar increase in the number of transactions. On the contrary, the market has begun to show signs of slowing down, particularly due to declining housing affordability and higher financing costs.
According to data from IPCBI (Cadastre), 3,732 apartment transactions were registered in Chișinău and its suburbs in the third quarter of 2026, compared with 3,607 during the same period in 2025. This represents an increase of approximately 3.5% and provides an initial sign of renewed activity in the residential market.
However, looking at the January–September period, the picture is different. During the first nine months of 2026, 9,225 apartments were transacted, compared with 11,090 during the same period in 2025. This represents a decline of approximately 16.8%, equivalent to 1,865 fewer transactions.
The third-quarter figures indicate an improvement compared with the previous year, but the cumulative transaction volume shows that the market has not yet recovered the ground lost in 2025.
At the same time, the average apartment price, according to the Acces Imobil Real Estate Index, remained at approximately €1,720/m², indicating that prices have stagnated at historically high levels.
These developments show that Chișinău’s real estate market is going through a period of adjustment: buyers have become more selective, while sellers need to pay greater attention to setting realistic asking prices.
For a more detailed analysis, read our article: Chișinău Real Estate Market Forecast Through the End of 2026: Supply, Transactions and Prices.
In this context, the 2027 tax changes will represent an additional factor that could influence the decisions of market participants.
The 2027 fiscal and customs policy package was adopted by Parliament on 22 October 2026. The changes directly affecting property owners and real estate investors include:
Capital Gains Tax
The 50% reduction in the taxable base will be eliminated. As a result, the 12% tax rate will apply to the entire taxable capital gain, effectively increasing the tax rate from 6% to 12%.
Wealth Tax
A threshold of 4 million MDL will be established for residential properties, including holiday homes. The 0.8% tax rate will apply only to the value exceeding this threshold, excluding land plots.
Tax Exemption When Selling a Primary Residence
The conditions for obtaining the tax exemption will change. Taxpayers who have lived in a property for at least three years and for whom it represents their only residence will be eligible for the exemption even if they have not officially registered their domicile at that address.
Renovation Expenses
Eligible and documented renovation expenses may be taken into account when calculating capital gains, subject to the conditions set out in tax legislation.
For detailed explanations and calculation examples, read our article: Fiscal Policy 2027: What Changes for Property Owners and the Real Estate Market in the Republic of Moldova.
But how will these changes affect investor behaviour and the development of the market?
The doubling of the effective capital gains tax rate could primarily affect investors who purchase apartments with the intention of reselling them later at a higher price.
Until now, the difference between the purchase price and the selling price was effectively taxed at 6%, because only 50% of the capital gain was included in the taxable base.
From 2027, the effective tax rate will increase to 12%, reducing the net profit generated by this type of investment.
Suppose someone purchases an apartment for €100,000 and later sells it for €130,000. In this case, the capital gain from the transaction is €30,000.
Until 2026, applying an effective tax rate of 6%, the estimated tax would be €1,800, leaving the owner with a net gain of €28,200.
From 2027, if the effective tax rate is 12%, the tax on the same transaction would increase to €3,600, reducing the net gain to €26,400.
Therefore, for the same investment and the same selling price, the owner would pay €1,800 more in tax, reducing the profitability of the real estate investment.
Simplified example, expressed in the equivalent amount in euros, excluding other deductible expenses and tax adjustments. The actual calculation is made in MDL, in accordance with the Tax Code.
First, short-term speculative investments could become less attractive. Investors who purchase apartments with the intention of reselling them after a few months or following a quick renovation will need to achieve a higher profit margin to maintain the same net return.
Second, the purchase price will become even more important. Investors will pay closer attention to properties acquired below market value, apartments requiring renovation, and opportunities with genuine potential for value appreciation.
Third, some investors may move away from quick-resale strategies and instead prefer to hold properties for the long term.
However, this does not mean that real estate investments will become unprofitable. Chișinău remains the main residential property market in the Republic of Moldova, and housing demand is supported by the concentration of jobs, internal migration, the diaspora, and the ongoing need for housing.
Rather, investors will need to focus more closely on net returns and carefully assess all costs associated with a transaction.
One possible consequence of the new tax rules could be that some investors shift their focus towards the rental market.
If quick resale becomes less attractive from a tax perspective, holding a property and generating recurring rental income could become a more appealing alternative.
In this case, investors would no longer focus exclusively on the increase in an apartment’s value, but also on the income generated through renting it out.
There are several arguments in favour of this strategy:
However, the profitability of a rental investment must be calculated based on the purchase price, monthly rent, periods without tenants, maintenance expenses, applicable taxes, and financing costs if the property is purchased using a loan.
For example, an apartment purchased for €100,000 and rented out for €500 per month generates gross annual income of €6,000, equivalent to a gross rental yield of 6%.
However, the net yield will be lower after deducting expenses and taxes.
Therefore, not every apartment automatically represents a good rental investment. Location, size, layout, property condition, and purchase price will continue to determine its profitability.
If interest in rental property investments increases, this could contribute to the development of Chișinău’s rental market. However, this effect is not automatic and will depend on the relationship between rental yields and ownership costs.
The introduction of a wealth tax on residential properties with a combined value exceeding 4 million MDL could influence the decisions of owners who hold several apartments or houses.
Unlike capital gains tax, which applies when a taxable gain is realised, the wealth tax introduces an annual cost associated with owning high-value residential properties.
For example, a taxpayer who owns residential properties with a combined assessed value of 6 million MDL would have a taxable base of 2 million MDL and an annual tax liability of 16,000 MDL, assuming the new mechanism applies.
For some owners, the additional cost will be insignificant compared with the value of their property portfolio and the income it generates.
For others, particularly those who own unused properties or apartments generating low rental income, the new tax could prompt them to reassess their investments.
As a result, some owners may decide to:
An interesting point is that Chișinău municipality has almost 88,000 dwellings that are not permanently occupied, according to the 2024 Population and Housing Census.
This figure does not automatically represent properties available for sale or rent. Some are used occasionally, others belong to people living abroad, while some are being kept for future use.
Nevertheless, the existence of a significant housing stock that is not permanently occupied indicates that some of these properties could potentially be brought onto the sales or rental market.
For more information, read our analysis: The Paradox of Chișinău’s Real Estate Market: 88,000 Unoccupied Dwellings, Yet Prices at a Historic High.
It is possible that the wealth tax will lead some owners to reconsider whether they should continue holding certain properties.
However, there are not enough grounds to expect a massive increase in supply solely as a result of this measure.
The 4 million MDL threshold is relatively high for owners who hold only one residence, and the tax primarily targets individuals with residential assets of high combined value.
The impact will depend on the number of taxpayers affected, the value of their properties, and the returns those properties generate.
The new tax rules will not affect investors alone. They could also change the behaviour of people buying or selling homes for personal use.
For owners selling their primary residence, the new exemption conditions could represent an important benefit.
At the same time, people who own multiple properties will need to assess the tax implications before deciding to sell.
This could lead to more careful transaction planning and closer cooperation with real estate and tax professionals.
If some owners decide to sell apartments that do not generate income, buyers could benefit from a wider range of available properties.
Nevertheless, in a market where the average time required to sell a property has increased, price negotiation is already an important part of the purchasing process.
Buyers will continue to compare several properties, analyse the price per square metre, and pay greater attention to the balance between price, quality, and location.
For those planning to purchase through bank financing, mortgage affordability will remain a decisive factor.
Before making a purchase, we also recommend reading our guide: I Want to Buy an Apartment with a Mortgage. What Should I Know?.
This is probably the most important question for buyers, property owners, and investors.
In our view, the new taxes alone will not cause a significant decline in apartment prices. Their primary impact will be on investment profitability and the behaviour of certain categories of property owners.
The balance between supply and demand will remain much more important in determining price movements. We can consider three possible scenarios.
In this scenario, the new taxes will not lead to major changes in the behaviour of property owners and investors. Demand will remain relatively stable, while the supply of apartments will continue to be limited.
Prices could remain close to current levels, with variations depending on the district, property type, and quality of construction.
If the number of owners deciding to sell increases while buyers remain cautious, supply could become greater relative to demand.
In this case, downward pressure on prices could intensify, particularly for overpriced apartments, older properties, or homes requiring additional investment.
Any potential correction may be more visible in actual transaction prices, through negotiations and discounts offered to buyers, than in the initial asking prices displayed in property listings.
If mortgage affordability improves, household incomes increase, and postponed demand returns to the market, the number of transactions could rise.
With supply remaining relatively limited, this development could generate renewed upward pressure on prices.
In our opinion, the development of Chișinău’s residential property market in 2027 will depend primarily on the following factors:
Therefore, taxation will be an additional factor influencing the market, but not the main determinant of price movements.
The 2027 Fiscal Policy will change the way property owners and investors assess the profitability of real estate assets.
The doubling of the effective capital gains tax rate will reduce the net profit from investments based on resale, while the wealth tax will introduce an additional cost for owners with high-value residential property portfolios.
At the same time, the exemptions available when selling a primary residence and the possibility of taking eligible renovation expenses into account will provide certain benefits to property owners.
We expect investors to become more selective, pay greater attention to purchase prices, and assess long-term returns more carefully.
However, we do not believe that the new taxes alone will trigger a major correction in apartment prices in Chișinău. Market developments will continue to depend on purchasing power, mortgage affordability, available supply, and buyer confidence.
In 2027, the advantage will not necessarily belong to those who own the largest number of properties, but to those who know how to choose wisely, buy at a justified price, and generate real returns from their real estate investments.
Disclaimer: This analysis reflects the potential economic effects of tax changes and does not constitute a guaranteed forecast of price movements. Specific tax implications should be verified in light of the legislation in force and each taxpayer’s individual circumstances.
Author: Victor Cernomorcenco
Realization of the analysis by Victor Cernomorcenco, specialist in real estate in Chisinau and representative of Acces Imobil.
Disclaimer: The copying, use or distribution of data on the Acces Imobil Real Estate Index is permitted only with the obligation to specify the source and to place an active link to accesimobil.md.
