The impact of the 2022 crises on the real estate market. Experts' forecasts for the next year
The real estate market in our country experienced a rather sharp decline this year. The war in Ukraine, the energy crisis, the high interest on loans and the highest inflation in recent years have also had their say in this area. Thus, in 2022, the number of built homes decreased, but also the number of apartments sold, economic expert Veaceslav Ioniță pointed out for the national radio station. At the same time, in 2022 medium-sized and energy-efficient homes were requested, real estate expert Victor Cernomorcenco told Radio Moldova.
Even though prices remained almost unchanged in 2022 compared to last year, Moldovans hesitated to buy homes. Economic expert Veaceslav Ioniță is of the opinion that there are several reasons that led to the decrease in the number of real estate transactions this year.
"We can say that the real estate market, after many years, experienced a rather strong decline, namely in terms of the volume of constructions done and the number of apartments sold. In terms of construction, I think we have an estimated 30-35 percent decrease. We still have a significant decrease in the number of apartments sold, but it is premature to tell. 2022 is a year of crisis in construction, a year of slowing down of work, a year of slowing down of sales, a year of stopping price growth".
At the end of this year, demand on the real estate market exists, but the decision to buy a home is postponed by citizens. Real estate expert Victor Cernomorcenco believes that the real estate market in the Republic of Moldova will be frozen until the second half of next year. At the same time, the expert also states that the evolution of the real estate market in 2023 depends a lot on the situation in Ukraine.
"In 2022, buyers focused on apartments in operation and less focused on apartments in the construction stage to reduce risks. The most requested are the apartments of not too large sizes. Apartments with one, two rooms. If we talk about the apartments in the new buildings in 40-45 square metres. With two rooms it would be 60-70 square metres. Due to the increase in the price of energy resources, many people are now paying attention to the thermal insulation of the buildings, to the type of heating that the apartment has".
This year, the average price for a square metre in a new apartment, in the white version, varies between 850 and 1,000 euros. In a new apartment, already furnished, the price for one square metre can exceed 1,200 euros. For apartments in old buildings, a square metre is on average 800-850 euros.
