According to its analytical data, in 2023, 36.9 thousand commercial transactions with housing were concluded in Moldova, in 2024 – 36.1 thousand. In the first nine months of 2025, only 24.6 thousand transactions were registered, which is one of the lowest figures in the country’s history. It is estimated that 2025 will end with approximately 35 thousand real estate transactions, which would be a historic low.
Vyacheslav Ionitsa notes that at the same time, the number of mortgages issued increased from 4.1 thousand in 2023, to 7.4 thousand in 2024. And in the first nine months of 2025, they have already been issued 6360. By the end of the year, according to his estimates, their number will reach a total of 7.8 thousand, which will be a new record for the banking system of Moldova.
The total amount of new mortgage loans issued has also increased significantly. If in 2015 it amounted to 0.5 billion lei, in 2024 it reached 8.1 billion lei and reached 11.7 billion lei already in the third quarter of 2025. According to expert estimates, by the end of the year the amount of new mortgage loans will exceed 12 billion lei.
He also notes that the ratio of mortgage loans to the number of housing transactions has increased – 2.7% in 2015 and 26.2% in the third quarter of 2025. He explains this by the fact that some citizens switch from consumer loans to mortgage loans, while others take mortgage loans for purposes not related to the purchase of housing. Investors are also leaving the market, significantly reducing the number of intermediary transactions. At the same time, the restriction of cash payments when buying real estate has led to the fact that some citizens resort to mortgage loans to legalize their own funds.
The average cost of a mortgage loan increased from €50,000 in 2024 to €70.6,000 in the third quarter of 2025 amid a surge in house prices and rising interest rates. As a result of the National Bank’s monetary tightening, the average interest rate rose from 7% in the first quarter of the year to 8.2% in the third quarter. Thus, citizens are experiencing a double pressure: rising real estate prices and increasing cost of loans. The total portfolio of mortgage loans in the banking system reached 24.4 billion lei and is expected to exceed 26 billion lei by the end of the year.
“Although the Moldovan real estate market is facing a sharp decline in the number of transactions, mortgage lending is at its highest level ever. Thus, mortgage loans are becoming a ‘lifeline’ both for the banking system and for the population, which has no other options to finance the purchase of housing,” summarizes Veaceslav Ionitsa.
