In 2018 more and more people used a mortgage to buy a home. 2019 is considered to be a year just as favorable for accessing a real estate credit.
People who want to buy their homes and do not have enough money - now can do it much easier.
Factors underlying mortgage:
- the excess of money in the banking system
- the state program "Prima Casa"
- attractive prices for apartments on the primary and secondary market
The excess of money in the banking system
After the crisis in the financial and banking system in 2014, commercial banks had a period in which they focused on settling non-performing loans to construction companies that did not honor their payment obligations.
During this time, they have accumulated a surplus of over 28 billion lei. Thus in 2018 the banks gave a “green light” to mortgage loans.
Commercial banks began to compete with each other by offering advantageous lending conditions. This stimulates the access of mortgages to the people who want to improve their living conditions.
Mortgage Loans "Prims Casa"
Also in 2018, the Government of the Republic of Moldova launched the program “Prima Casa”. This program aims to support people who want to buy their first home: public sector workers (teachers, doctors, police, etc.) and families with many children.
The main advantage of the mortgage loan through this program is the payment of the first installment - only 10%. The Government also capped the banks' commission to 1% and reduced the payments received by the Cadastre and Notaries for the registration of buildings. For budgets and families with many children, the Government offsets some credit.
Thus, in 2018, out of a total of 20,000 apartments were sold: 8,000 were purchased through a mortgage, of which more than 1,000 through the Program “Prima Casa”.
Attractive prices for apartments
At the moment, there is a stabilization of apartment prices on both the primary and the secondary market.
Apartment prices are very attractive compared to the 2008-2009 period when the price of one square meter in the white version in Chisinau was around 700-800 euros.
To attract customers construction companies maintain low prices at new apartments. Thus, they attract much more liquidity for the development of new projects, but also the finishing of old ones.
RECOMMENDATION
If you want to buy a home then 2019 is the right year. Access a simple real estate credit or the program "Prima Casă".
A mortgage is the solution that opens the door of your home!
Do you want to buy an apartment in credit? Do you need a consultation? Come to Acces Imobil Office: 12/1, Grigore Vieru avenue, Chişinău, or contact us 078 888 900.
Acces Imobil - Affordable Apartments!
