The Chairman of the Parliamentary Commission for Economy, Budget and Finance, Deputy Radu Marian, acknowledges that there is room for a complex analysis to determine all the reasons for the decline in the real estate market, however, in his opinion, focusing only on the cash ceiling, without talking about exaggerated prices, is suspicious, reports IPN.
“I notice in the public space that some real estate agents, developers and, more recently, politicians are pushing the idea that the real estate market has fallen only because of problems related to the limits set for cash transactions and their deposit in banks, notaries, etc. This narrative is very convenient for those who still want to maintain exaggerated prices for many properties, even though demand has drastically decreased,” the parliamentarian emphasized.
Regarding the application of cash transaction limits for housing, Radu Marian mentions that, in order to simplify procedures, authorities have introduced the possibility for people to submit a self-declaration to the bank in case they encounter difficulties in demonstrating the origin of the money. Also, to avoid excessive losses in the exchange rate, it has been accepted that individuals can make transactions in euros.
“Since April 1st, when the law came into effect, until December 2025, five commercial banks have reported 341 accepted self-certifications, with a cumulative value of nearly 250 million. Although there are several issues with the use of the declaration, it is false that banks do not accept this instrument at all,” the deputy further stated.
According to Radu Marian, the National Bank of Moldova has sent instructions to commercial banks to accept confirmatory documents with a minimum age of 5 years. If the banks refuse to do this, measures will be taken.
“Of course, there are issues regarding the declaration of cash, we are often notified. This is inevitable, as the law is a new one. Especially since the declaration of cash has been a problem since 2017-2018, when the legislation was tightened. We will continue to make efforts to improve the mechanism,” stated the president of the Commission for Economy, Budget and Finance.
The Union of Real Estate Agencies has requested the Parliament to establish a working group involving all responsible institutions, in order to find solutions so that “citizens with legally earned money can buy a home without being treated a priori as suspects”.
The Union proposes extending the cash ceiling from 60 thousand to 200 thousand euros, as well as the period for justifying the funds up to 5-6 years.
