National Bank of Moldova reports continued rise in Chisinau residential property price index as transactions slow and Prima Casă Plus boosts mortgage lending

The National Bank of Moldova published its second quarter 2025 update on the Residential Property Price Index (RPPI), an indicator tracking offer-price dynamics for residential property in Chișinău, showing that prices continued to increase but at a more moderate pace. The central bank also noted signs of stagnation in the market as the number of transactions declined while a growing share of purchases was financed with mortgages, supported by the government’s Prima Casă Plus programme. The headline RPPI reached 222.0 (2019 average = 100), up 4.9% from the first quarter of 2025 and 33.7% from the second quarter of 2024. On the primary market, the RPPI was 231.0 (up 4.6% quarter on quarter and 31.4% year on year), while the secondary-market RPPI was 215.2 (up 5.0% quarter on quarter and 34.7% year on year). Total residential purchase transactions fell 34.4% from the previous quarter, while the mortgage-financed share rose to 71.6% by end-Q2 2025, driven in part by a 77.8% quarterly increase in Prima Casă Plus mortgage lending; since the programme’s launch in Q3 2024, quarterly mortgage originations rose from 310 to 1,631 by Q2 2025 and programme loans accounted for 53.8% of mortgage contracts. The median offer price in Chișinău increased from EUR 104,500 to EUR 107,000 during the quarter. The National Bank of Moldova reiterated that it continuously monitors real estate developments and has macroprudential tools it can use, if needed, to limit systemic risk accumulation and support financial stability.