Despite the pandemic and the crisis generated by COVID-19, the real estate market in Chisinau registered a new record of apartments sold in 2020. According to statistics provided by ASP (Public Services Agency), there were 22,477 transactions for the sale-purchase of apartments in Chisinau in 2020, with 290 more transactions compared to 2019.
However, the total number of sale-purchase transactions of apartments in the Republic of Moldova decreased in 2020, namely by 1.7% (by 475 transactions less than in 2019). This is due to the decrease in the number of transactions made in the districts of the Republic of Moldova. There was a decrease of 11% or 765 transactions.
This fact confirms us once again about the phenomenon of centralization, population migration and financial flows from districts to Chisinau.
Another important aspect that needs to be taken into account is the statistic transactions of sale-purchase of apartments by mortgage.
There was a decrease in the number of apartments sold by mortgage by approximately 23% (2277 apartments) in 2020. Commercial banks have not granted as many mortgages because of the pandemic and its effects on the economy. The Prima Casa Program is practically blocked due to the unfavorable credit conditions (the repayment period has been reduced to 10 years, etc.).
CONCLUSION
2020 has not been an easy and predictable year. Although many sectors of the economy have been affected, we note that the real estate market has remained stable. The increase in the number of transactions in Chisinau as well as the decrease in transactions in districts have ensured a balance on the real estate market.
We will see what will be in the real estate market in 2021. But what’s your opinion? What will happen with the selling rate of the apartments in 2021?
Author: Victor Cernomorcenco
Realization of the analysis by Victor Cernomorcenco, specialist in real estate in Chisinau and representative of Acces Imobil.
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