Realty market remains stagnant

The national real estate market will continue to stagnate in 2011 too. This trend that lasts for the third year is determined by the fact that the Moldovans working abroad no more want to invest money in apartments in Moldova. Also, those who are in Moldova have low salaries and do not have available money. Contacted by Info-Prim Neo, expert of the realty agency Lara Nicolae Ostafeiciuc said the citizens who went abroad prefer to buy dwellings in the countries where they live, not in their mother country. As a result, the prices of apartments are expected to decrease by about 10% this spring. From 2008 until present, the apartments have been cheapened by approximately 30%. More people prefer apartments in old buildings that are smaller, but less expensive. Nicolae Ostafeiciuc also said that the companies are not interested in erecting new buildings as many of the apartments in the newly constructed buildings have not been yet sold. According to the exert, the prices of apartments in Chisinau the previous years varied significantly depending on the district, but during the last two years they evened out. The apartments are cheaper in suburbs. A studio apartment in Chisinau costs between €20,000 and €30,000, a two-room apartment – between €30,000 and €40,000, while the three- and four-room apartments - €70,000 or more. The price of a square meter of dwelling varies between €630 and €780.