Macedonian property market weak, amid severe political crisis
Macedonia’s real estate market remains weak, after a short-lived recovery in 2010. During 2015, the average price of dwellings in Macedonia fell 0.9% (nominal and inflation-adjusted) to MKD 46,085 (USD 839) per square metre (sq. m.), based on figures from the State Statistical Office. This is the fifth annual drop in house prices since 2011.
The price falls are concentrated in the capital city, Skopje:
Although there is no reliable public data on the number of dwellings sold, during the previous decade there had been strong demand for houses in Skopje, home to a third of the country’s population. This led to something of a construction boom, preceded and followed by strong rise in prices. Spikes in prices were especially visible in the 2007-2009 period, with price growth reaching 19.9% in the capital.
