Energy reforms, EU alignment, a cooling real estate market, and ongoing judicial vetting are reshaping Moldova’s investment climate and legal workload, according to Cerbu Balta Founding Partner Marin Balta.
“Moldova’s trajectory is still driven by EU accession and the ongoing transposition of EU law,” Balta points out. “At the same time, broader regional dynamics continue to influence investor sentiment, particularly for large-scale, long-term projects. While Moldova remains committed to attracting foreign investment and strengthening its regulatory framework, predictability and long-term stability remain key considerations for institutional investors.”
From a legislative and regulatory perspective, “energy is one of Moldova’s most active sectors, as the country works to reduce reliance on external supplies and accelerate renewable development with support from local and foreign investors,” Balta says. “A key recent step was the Ministry of Energy’s December tender for 177 megawatts of wind capacity paired with 44 megawatt-hours of storage.” He adds that further changes came in January, “when regulatory updates unlocked more than 260 megawatts of renewable grid capacity that had been tied up by so-called ‘paper projects’ reserved but not implemented by developers. The new rules introduce a fee mechanism, requiring developers either to advance these projects or risk having them removed from the system, freeing capacity for viable investments.”
Real estate is another key sector for Moldova, Balta notes. “In 2025, residential transactions fell by roughly 65% compared to 2024, and the fourth quarter of 2025 was nearly 80% lower year-on-year,” he points out. “While transaction volume declined, legal work shifted toward renegotiations, restructuring, dispute avoidance, and related advisory. . Prices have been steadily rising since 2021, approaching EU levels, placing significant pressure on buyers, which contributed to the drop in transaction volumes. Second, in April 2025, Parliament introduced an EUR 80,000 cap on cash real estate purchases, increasing reliance on bank-processed transactions and related compliance requirements. The authorities are currently exploring measures to revive the residential real estate market.”
In industrial and logistics, “demand remains relatively steady, with several sizeable projects either under development or in negotiation,” Balta adds. “However, the main constraints continue to be investment terms and ROI calculations. The long-term nature of these projects is particularly sensitive to geopolitical uncertainty, which makes underwriting and forward planning more difficult.”
“At the end of last year, Moldova launched the Moldovan International Stock Exchange,” Balta emphasizes. “The finalization process is currently under review by the Competition Council, and the founders include certain public authorities as well as financial institutions. We expect the establishment of this exchange to have multi-level effects across several sectors, particularly for banks, brokers, and other financial institutions. We also anticipate that the exchange will become operational soon and begin attracting capital markets investors, creating a broader ripple effect, both in terms of increased legal work and the development of adjacent markets.”
Lastly, Balta highlights the vetting process. “Since 2023, Moldova has been conducting an intensive vetting process for judges and prosecutors, which has significantly impacted lawyers and court users. Judicial capacity has declined as many judges have exited the system, resulting in longer proceedings and increased pressure on clients to settle or seek more efficient dispute resolution.” He explains. “While vetting creates short-term system pressure, its objective is to strengthen credibility, improve predictability, and ultimately enhance investor trust.”
