He said the volume of mortgage loans has reached nearly LE 30 billion, doubling in recent years, but this accelerated growth comes with risks to the ability of borrowers to fulfill their obligations.
“Overall, the banking system is healthy and the level of non-performing loans is low. In January 2026, they amounted to 4.2%, and less than 1% are problem loans, which is a historically low level for Moldova,” the expert said.
However, 2025 was marked by a change of trend in the mortgage segment. For the first time, the level of non-performing mortgages exceeded the system average and reached 4.6% in January 2026, compared to 1.5% in 2024. At the same time, 18% of mortgages are in delinquency.
“There has been an alarming increase in the number of people who are unable to pay their mortgages for more than three months. The population’s ability to make payments has deteriorated sharply against the backdrop of the economic crisis and rising interest rates,” Ionitsa said.
Overall, the expert concluded that although the financial system in Moldova is stable and much healthier than in the past, when the level of non-performing loans exceeded 20%, the development of the mortgage sector and the persisting vulnerabilities require careful monitoring and sound policies to maintain long-term stability.
