Real estate crisis in Chisinau intensifies - 69% in Q3 - 2025

After two years of explosive increases in apartment prices, the real estate market in continues to show a sharp downward trend, marking the third consecutive quarter of a decrease in the total number of apartment sale-purchase transactions in Chisinau.

According to official data provided by the Public Services Agency (Cadastre), in the third quarter of 2025, only 1,275 apartments were sold in the Chisinau municipality and its suburbs — a significantly lower level compared to the third quarter of 2024.

If we analyze the market evolution in the first nine months of 2025, we observe a significant contraction in the sale-purchase activity.

According to official data, during this period, only 5,335 apartment transactions were registered in the Chisinau municipality — 54% fewer than in the same period in 2024, when 11,494 sales were registered.

Apartment prices remain stable, despite the dramatic decrease in transactions

Although the real estate market in Chisinau is recording a significant decrease in the total number of sale-purchase transactions, housing prices continue to resist, with no obvious signs of correction.

According to the Acces Imobil Real Estate Index, the average price of apartments in Chisinau evolved as follows:

• in 2023 – average price of €1,070/m²,
• in 2024 – average price of €1,540/m²,
• and in 2025, by the end of March, it reached €1,720/m², settling at this historical maximum level.

Since then, the market has entered a capping phase: prices are no longer increasing, but they are not decreasing either, reflecting a tension between sellers' expectations and buyers' possibilities.

The time to sell an apartment is increasing

Another important indicator is the average time to sell. If between 2021–2024 an apartment was sold in 1–2 months, in 2025 the duration increased to 3–4 months.

This slowdown in the pace of sales, combined with an increasingly slow renewal of the stock of offers, paints the picture of a partially blocked market.

More and more buyers are postponing the purchase decision due to price increases and economic uncertainty, while, on the other hand, the number of owners listing their homes at overvalued prices is increasing.

Declining apartment affordability

In recent years, housing affordability in the Republic of Moldova has deteriorated significantly. If in the period 2019–2023 the average affordability indicator — calculated according to the ratio between the average salary and the price per square meter — remained around 9 years, it has now increased to approximately 10.5 years.

For comparison, in 2020, it took 1.7 average salaries per economy to purchase a square meter and about 8.7 years to buy a 60 m2 apartment. Today, for the same apartment, 2.1 average salaries per square meter and an effort equivalent to 10.3 years of income are required.

Looking at the total amounts, the discrepancy is even clearer: in 2020, an average apartment cost about €45,000, and now the same type of housing exceeds €100,000.

This doubling of prices, without a proportional increase in income, explains the current blockage of the market and the increasing difficulty for families to purchase real estate.

The share of purchases through mortgage loans has increased significantly

If in previous years approximately 30% of apartments sold in Chisinau were purchased through mortgage loans, currently this share has exceeded 65%.

More and more Moldovans are turning to bank financing — not only because apartments have become too expensive to buy entirely with their own money, but also because of the tightening of control over the origin of funds.

For some buyers, mortgage credit has become the only viable solution to purchase real estate, offering a legal and transparent way to justify the source of money.

The real estate market moves forward

Regardless of the challenges of the moment, the real estate market in Chisinau continues to move forward.

Developers are initiating new projects and adapting their strategies to new economic realities, buyers are becoming more attentive and better informed, analyzing each option in detail, and sellers who really want to trade are adjusting their prices to the real market level.

Even in a context of uncertainty, the market remains alive, dynamic and constantly changing — proof that real estate, like the city, never stops, but only adapts.

What does the owner want vs. what does the buyer want?

In any real estate transaction, the interests of the two parties start from different directions. The owner naturally wants to get the best possible price for his real estate asset — a price that reflects not only the real value, but also the emotional attachment to the home.

On the other hand, the buyer wants as much comfort, quality and space as possible, but at the most affordable price. He seeks security, transparency and an investment that will bring him value in the long term.

This is where the essential role of the real estate agent comes in: to negotiate balanced, to translate the expectations of each party into market realities and to bring both parties to the middle — where the real market price meets.

A successful transaction is one in which all participants win: the owner sells at a fair value, the buyer makes a wise choice, and the agent creates trust and results.

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

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