Moldova housing prices rise sharply
Housing prices in Moldova have risen by approximately 4% since the start of this year.
With demand outpacing supply by 30%, real estate expert Victor Cernomorcenco, speaking on Radio Moldova's "Good Morning" show, predicts a potential 9% increase in property prices by 2025.
"We concluded 2024 in December with an average price of 1,540 euros per square meter, encompassing all housing types – new builds, renovated older apartments, and those in a 'shell and core' state. We've already observed a 3-4% increase in the first two months of this year, and the upward trend continues. Demand remains unmet, suggesting that real estate prices will inevitably rise this year, at least in line with the 7-8% inflation rate," Cernomorcenco stated.
Currently, Moldovans seek spacious, energy-efficient homes and prefer new developments. While suburban construction is on the rise, Cernomorcenco emphasizes the necessity of infrastructure development for comfortable living. He also suggests that prices could only decrease with increased housing construction in Chișinău. However, statistics indicate a decline in new residential buildings being commissioned in the capital.
"Greater urban development and well-executed new construction projects in the city would yield more housing, easing pressure on the real estate market and preventing runaway price increases. The recent period of limited construction permits, particularly in the periphery, has created a backlog of demand, now driving up prices," the real estate expert added.
According to the Union of Real Estate Agencies, over 16,000 real estate transactions occurred last year, with an average transaction value of approximately 100,000 euros.
Translation by Iurie Tataru
