Moldova’s mortgage lending hits a quarterly record
Moldovan banks issued a record €163.9 million (approx. 3.3 billion MDL) in new mortgage loans in the third quarter of 2026, even as the National Bank tightened monetary policy and average mortgage rates fell to 9.7%.
Mortgage lending reaches record levels
The third-quarter figure surpassed the previous quarterly record of €159 million (approx. 3.2 billion MDL), set in the fourth quarter of 2024.
The market has expanded significantly in recent years. New mortgage lending totalled €163.9 million in 2023, rose to €402.4 million in 2024 and reached €561.4 million in 2025, according to economist Veaceslav Ioniță, whose analysis was published on November 11.
More loans, but not a new record in numbers
Banks issued approximately 2,370 new mortgage loans in the third quarter of 2026, up from 2,080 in the previous quarter and 1,750 in the first three months of the year.
However, the figure remained slightly below the previous record of approximately 2,400 loans, registered in the fourth quarter of 2024.
The average mortgage loan also increased, from approximately €66,071 at the end of 2024 to around €69,052 in the third quarter of 2026.
According to Ioniță, the increase partly reflects rising property prices, which require buyers to borrow larger amounts to finance home purchases.
Mortgage rates fall despite monetary tightening
The average interest rate on newly issued mortgage loans declined throughout the first nine months of 2026. It fell from 10.3% in the first quarter to 9.9% in the second and 9.7% in the third.
The trend comes despite the National Bank of Moldova raising its policy rate as part of efforts to tighten monetary conditions.
Ioniță explained that changes in the central bank's policy rate are not immediately reflected in commercial banks' lending rates. Mortgage costs also depend on competition between financial institutions, funding costs and financing conditions.
Higher lending volumes do not necessarily mean more homes sold
The economist cautioned that the increase in mortgage lending does not automatically indicate a proportional rise in the number of homes purchased.
Part of the growth reflects higher apartment prices and the resulting increase in average loan sizes. Nevertheless, the rising number of mortgage loans also points to stronger activity in the housing finance market.
Translation by Iurie Tataru
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