Residential property prices in Moldova’s capital, Chisinau, are rising, on the basis of Moldova’s economic growth.
Residential real estate prices have risen annually by 30 to 40% over the past five years, according to Lara Real Estate Agency. In 2007, apartment prices in Chisinau rose 12% to 14% in US dollar terms, and 4% in terms of Euro.
As the country turns to the west, more properties are being quoted in euros instead of US dollars which is the norm in Russia. Moldova aspires to join the European Union (EU), following the government’s 2005 decision.
The past few years have seen a house price explosion, which was due to increased demand from foreign investors and higher remittances from Gastarbeiters (foreign workers in Germany) combined with lack of supply.
Chisinau is the country’s political, economic, and cultural capital. It is the only city in Moldova with reasonable living conditions for expatriates. Many houses are built specially for rental. The city’s prime residential area is in its western section: Buiucani, the City Centre, and Botanica.
There are no restrictions on foreigners buying properties in Moldova, except for agricultural land.
