Every year, in August and September, there is a somewhat greater dynamic on the real estate market in Chisinau. During this period, due to the fact that our compatriots from the diaspora return home on holidays and students return to study in Chisinau, both the prices of apartments for sale and the prices of rents register a slight increase.
Both the diaspora and students contribute to an increase in the demand to purchase or rent an apartment by about 20% during this period, and some of the owners take advantage of this situation, increasing the prices a bit.
The influence of the Diaspora on the Real Estate Market in Chisinau
The Moldovan diaspora plays a significant role in the country's economy, but also in the real estate market. Many Moldovan citizens go abroad in search of better work and living opportunities. During the summer holidays, some of them return home to spend time with their family but also to purchase a good property.
Moldovans from the diaspora returning home on vacation both influence the short-term rental market and contribute to the increase in demand for apartments during this period. Statistically, in the months of August and September, the demand for purchasing and renting real estate in Chisinau increases by approximately 20%.
Impact of Students on Rents
The end of August and the beginning of September also means the return of students to Chisinau for the new academic year. With a lot of higher education institutions, Chisinau is becoming a point of attraction for students from all over the country and even from abroad. This migration of students influences rental demand in the area, generating increased pressure on the real estate market.
Due to a large increase in the demand for cheap rents, a good number of apartment owners are taking advantage of this situation and in some cases increasing the rent prices. It is during this period that an increase in rent prices is observed by 20-30% (in the rent segment up to 350 euros/month).
Tips for Owners
For owners of apartments and houses available for rent for sale, this period can be an opportunity to get a better price.
However, you should not increase the prices too much, especially since if you fail to sell or rent the apartments now, in the coming period it will be very difficult and you will compete with the others remaining in the market. And with the decrease in demand, you will have to make certain discounts or negotiate less favorable terms for you.
It is necessary to establish a real market price (correct price), which is calculated based on similar apartments (with the same characteristics) sold or rented in the last 6 months, as well as those that are currently on the market (competing similar apartments) . Only in this way will you be sure that you will be successful in the sale or rental process.
Conclusion
The months of August and September represent moments of change and intense activity on the real estate market in Chisinau. Both the diaspora and students have a significant impact on the demand and supply of renting and buying, which can influence prices during this period. It is essential for both landlords and buyers or tenants to be aware of these dynamics and prepare accordingly to get the best results in their real estate transactions.
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