Over the past decade, the construction sector in the Republic of Moldova has undergone one of the most significant transformations in its history. Rising construction material prices, higher wages in the industry, increasing energy costs, and more expensive project financing have substantially changed the cost of developing residential projects.
According to an analysis conducted by Acces Imobil, based on the evolution of official construction price indices, the estimated average cost of constructing a residential apartment building in the Republic of Moldova increased by approximately 146% between 2015 and 2025.
This means that today, building one square meter of residential space costs nearly 2.5 times more than it did ten years ago.
Compared to European Union member states, the Republic of Moldova ranks among the countries with the fastest growth in residential construction costs (2015–2025).
The analysis shows that the estimated increase in construction costs in the Republic of Moldova is approximately three times higher than the European Union average, surpassed only by Bulgaria and Hungary among the countries included in this comparison.
The sharp increase in construction costs is the result of several economic factors acting simultaneously:
Together, these factors have directly increased the cost of delivering every new residential development.
Over the past two years, Chisinau's residential real estate market has experienced a substantial decline in the number of transactions. Nevertheless, prices for newly built apartments have not decreased proportionally.
The explanation is straightforward: the selling price of a home is primarily determined by its replacement cost—in other words, the cost of building an equivalent apartment today.
Even in a weaker market, developers must continue to purchase materials, equipment, and labor that are considerably more expensive than they were a decade ago. In addition, modern residential projects require significant investments in infrastructure, engineering, utilities, design, and compliance with increasingly demanding construction standards.
For this reason, the potential for substantial price reductions in newly built apartments remains limited.
During the same period, Chisinau's residential property market also experienced a significant increase in apartment prices.
According to the Acces Imobil Real Estate Index, the average apartment price evolved approximately as follows:
These figures indicate that apartment prices increased even faster than construction costs, driven by strong demand during 2023–2024, inflation, higher financing costs, and a limited supply of new housing.
The National Bureau of Statistics of the Republic of Moldova publishes Construction Price Indices, but it does not publish an official average construction cost per square meter of residential buildings.
Therefore, the +146% figure presented in this analysis is an estimate prepared by Acces Imobil, based on:
The purpose of this analysis is to estimate the evolution of residential construction costs in the Republic of Moldova using a methodology that allows meaningful comparison with European data.
Rising construction costs remain one of the key factors shaping the residential real estate market in the Republic of Moldova. Although the number of transactions has declined in recent years, the cost of developing new residential projects remains high, significantly limiting the potential for major price reductions in newly built apartments.
At the same time, comparison with European Union countries shows that the Republic of Moldova is among the countries with the fastest growth in construction costs over the last decade. This trend continues to put upward pressure on residential property prices and is likely to remain a defining factor for the country's housing market.
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.
