Off-plan purchases reshape Chisinau's housing market
Chisinau recorded more than 10,000 property transactions in the third quarter, but nearly 40% involved homes bought before construction was completed, reflecting a change in how sales are counted.
Statistical changes explain the apparent recovery
The threshold of 10,000 transactions in a single quarter has been exceeded only twice before, both times in 2019. However, economic expert Veaceslav Ioniță cautions that the latest figures must be interpreted in light of changes to statistical reporting.
Until 2026, purchases of apartments before construction was completed were not included in the reported figures. These off-plan transactions account for a significant share of the market, including purchases by investors who buy properties at the foundation stage.
"For six years, from 2016 to 2021, we recorded more than 30,000 apartment sales. After that, the market declined sharply. We then had two years of instability, and the visible growth this year is largely driven by the fact that transactions involving future properties, which we previously did not track, are now being recorded. There are quite a lot of them," Veaceslav Ioniță said.
Real estate expert Victor Cernomorcenco said approximately 3,800 transactions involving completed apartments were recorded in the third quarter. By the end of the year, the total number of transactions could reach 13,000.
Mortgage financing accounts for a growing share
Cernomorcenco said the market was not at a standstill but was going through a period of adjustment. One indicator of this shift is the growing share of apartment purchases financed through mortgages.
Mortgage-backed purchases now account for approximately 60% of transactions, compared with around 30% in previous years.
The average apartment price stands at €1,720 (approx. 34,587 MDL) per square metre. According to Cernomorcenco, this record level was reached at the end of the first quarter of 2025, and prices have remained broadly unchanged since then.
"We have now had a year and a half during which the average apartment price has neither increased nor decreased. We are essentially holding at this historic high. We see no signs of a significant acceleration in prices in the near future. They could rise slightly, perhaps by 3% to 5%, because supply in this relatively small market is becoming increasingly limited," Victor Cernomorcenco said.
High-rise developments raise infrastructure concerns
Turning to new construction, the expert said the number of building permits issued does not necessarily reflect the actual scale of residential development.
An increasing number of permits cover large residential complexes comprising several buildings, some reaching up to 22 storeys.
"This means more apartments and more people living in a relatively small area. It puts additional pressure on road infrastructure and other public services. We are not seeing enough new schools, kindergartens or hospitals being built. Unfortunately, there are also very few new green spaces, which is not particularly beneficial for the city as a whole," Cernomorcenco said.
Meanwhile, the number of building permits issued across the Republic of Moldova fell by 2.9% in January–September 2026 compared with the same period last year.
According to the National Bureau of Statistics, authorities issued 2,124 building permits during the first nine months of the year. Of these, 1,588 were for residential buildings and 536 for non-residential construction.
Translation by Iurie Tataru
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