Flats' prices slightly increase after ten years of continuous dropping in Moldovan capital

Chisinau, 3 October /MOLDPRES/ - We witness a slight increase in prices for flats in Chisinau, after ten years of continuous decrease, where the prices have grown by 2.5 per cent since early 2019 or about 1,000 euros for one square metre for an apartment of 70 square metres, according to economic expert Veaceslav Ionita.     

The price of a flat with an area of 70 square metres from the Moldovan capital reached the maximal level of 63,000 euros in the fourth quarter of 2008. Ten years of continuous decrease in prices followed and in the first quarter of 2019, the price of an apartment dropped to 36,400 euros.

Despite the insignificant increase in prices, the real estate market is growing and the tendency will maintain in continuation. Especially as the supply is on the rise, according to the National Statistics Bureau, 3,676 dwellings and individual houses with an area of 271,100 square metres were made available for living in the first half of this year, which is by 30.3 per cent above the level recorded in the same period of 2018.     

In the first seven months of 2019, commercial banks provided to residents real estate loans worth 1.8 billion lei – a value comparable with the credits borrowed by private people during the entire 2018 year, according to data by the National Bank of Moldova. In January-July last year, the real estate loans provided by banks to residents amounted to 822 million lei.