Chisinau, the capital of the Republic of Moldova, one of the poorest countries in Europe, is listed as the most attractive real estate market in Europe, writes “Frankfurter Allgemeine Zeitung.”
A block of housing in Soviet style in Chisinau. In front of him: the statue of Queen Mary.
Chisinau crosses a real estate boom with economic bubble characteristics. Despite the accelerated increase in prices, the chaotic urbanization and a discrepancy between the population's revenues and the costs of life, the city promises tempting returns in the real estate. The situation is explained by the European aspirations of the Republic of Moldova – a small country, often overlooked, notes “Frankfurter Allgemeine Zeitung” (phase).
The German daily citizen cites a British study, according to which Chisinau is currently “the most attractive real estate location in Europe”. In the annual ranking made by the British company William Russell, which sells insurance for expatures, the Republic of Moldova appears this year in the first place.
“German Economic Team”, an organization funded by the federal government, writes that in the middle of last year, real estate prices in the Republic of Moldova were on average about 1200-1300 euros per square meter, twice as high as in 2019. Of course, we talk about house sales, in a country where people generally live in real estate. Also, rent prices have doubled from 2019 in national currency, Leo, and in euros the growth is 80%”, writes phase.
Carmina Vicol, a veteran of the real estate market in Moldova, quoted by Phaz, offers more explanations for this phenomenon. She says that people run out of villages looking for a better life in the city, the diaspora returns with tastes in the West, Ukrainian refugees overload the rental market, investors outline opportunities, and authorities offer subsidies and facilities. In addition, many Moldovans buy houses for retirement.
The result? A 40% increase in prices in less than a year and a real estate market that seems out of control.
“More expensive than in Berlin”
A European expatriate relates to Faz that he pays 1900 euros per month for his modern apartment of 90 square meters, located in the center of Chisinau, overlooking the city and underground garage. A university professor pays 350 euros per month for his 47 square meter apartment, but he is in an old building in the Soviet period.
Real estate experts in the Republic of Moldova draw attention to the large number of abandoned villages
“There are still many such buildings in Chisinau, which was the capital of the Moldovan Soviet Soviet Republic for many decades, until independence in August 1991. History is also confessed by the monstrous prefabricated blocks or housing towers on the bus that leads from the airport to the city, which shows a tower. Exfoliated paint, peas and rusty fences characterize the urban landscape, as well as high block neighborhoods built on the outskirts of the city, ”writes the publication in Frankfurt.
The German newspaper talks about the “turbocapitalism” in the 90th post-Annii, which brought bright mirrors and unfinished concrete, but forgot, at times, the soul of the city.
The largest real estate project in the country
Natalia Bejan, from Invest Moldova, admits that “if you invest, you can win a lot”. The same opinion is Ion Proca, a sales agent for what seems to be the largest real estate project in the Republic of Moldova.
At the edge of Chisinau, on the way to the airport, a new neighborhood is raised, called the “German village”, which promises an orderly world, with German standards, international schools, hospital, tennis courts, hotel, church, garages. It is about 800,000 square meters for about 5,000 inhabitants.
The first 800 planned houses and a few six -storey apartment blocks will be ready soon, says the agent, specifying that 95% of the apartments in the first construction stage have been sold.
Whoever wants to take advantage of the opportunity has to hurry, says Proca, according to which the prices for this “premium location” are 1500 euros per square meter and 300 euros for the land, well above the average prices set by the German Economic Team consultants. However, Proca believes the price is very good.
“As things are presented here, we are talking about 3000 euros per square meter for these apartments.”
In Chisinau, German construction rules are an argument for sale, concludes phase.
Vlad Drăghicescu – DW
