Housing prices in Skopje are "flying" - The limit of 3 thousand euros per square meter is "broken"
A buyer paid 3,077 euros per square meter for a 91 m² apartment in the Skopje Center neighborhood, exceeding the 3,000 euro per square meter mark for the first time in the capital of North Macedonia.
Specifically, 280 thousand euros, or 189,231 denars per square meter, were paid for this apartment, according to data from the Real Estate Cadastre Agency for the third quarter of 2025.
According to the Price and Rent Register, 845 new apartment sales were recorded during the period July-September 2025, 169 more than in the second quarter. The most sought-after neighborhoods remain those of Skopje: Aerodrom (275 apartments sold), Qendra (236), Çairi (133), Gazi Baba (121), Kisela Voda (114) and Karposh (103).
There are also 26,463 active building permits registered in the Cadastre, which indicates that many buildings are under construction and are expected to be on the market soon.
According to the National Bank, real estate prices in the country have increased by 25.1% this year, the largest increase in history. A similar increase of 24% was recorded only in 2008, before the market crash.
After a five-year hiatus, the Cadastral Agency has once again published the average prices of apartments in North Macedonia. The most expensive apartment sold in the second quarter of 2025 was a 96 m² apartment in the Center, which was sold for 260 thousand euros (about 2,700 euros per m²).
One of the main reasons for the growth is the use of undeclared (black) money to purchase assets. According to the World Bank, 700–800 million euros circulate in North Macedonia's informal economy, a large part of which is invested in real estate to be legalized.
Likewise, subcontractor payments above real prices and direct loans for construction projects are mechanisms that help introduce suspicious money into the system.
According to "Bloomberg Adria", over 1 billion euros were traded in the real estate sector in 2024, with a total of 22,548 transactions. Almost the largest share (490 million euros) belonged to the housing market, 8,018 apartments sold with a total value higher by 60 million euros compared to 2023.
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