Apartment prices are rising - Rents in North Macedonia have increased by up to 15%
In Skopje, Tetovo, Štip and Bitola, apartment rental prices are increasing significantly, especially in the central areas of these cities. The Group of Real Estate Agencies under the Chamber of Commerce of North Macedonia reported that in some parts of Skopje prices have increased by 10 to 15 percent this year. Demand for properties remains stable, causing prices to rise due to limited supply in preferred urban areas.
The government is now expected to unveil relief measures for first-time homebuyers. One of the proposed measures is to maintain the preferential 5 percent value-added tax (VAT) rate for new residential buildings. The State Statistics Office reported that 401 building permits were issued in July, 228 of which were for multi-story buildings, indicating that construction is underway, but not enough to alleviate the problem.
This situation is not only reflected in city centers; some suburban neighborhoods in Skopje, such as Chairi, Saraji, and Gazi Baba, are also recording increases in rental prices, often due to the preference of citizens who study or work, and consequently seek apartments close to universities or services.
The supply of quality apartments remains limited, driving up costs. Investors and new buyers are facing prices that are often out of their reach, so many young people are choosing to rent for a long period of time instead of buying their own property.
According to the latest data, the return on investment from renting out an apartment is around 4.8 percent per year, a figure that real estate professionals consider low. They point out that the investment is not repaid quickly. In the first quarter of the year, data were reported for around 640 apartment rental contracts with a total value of approximately 160,000 euros, while the average rent was around 250 euros per month. For contracts involving private homes, the number was lower, with around 256 contracts and a value of 79,000 euros.
The study's authors and agencies claim that inflation, rising construction costs, rapid urbanization, and new buildings that do not meet citizens' needs are the main factors driving these price increases. Citizens expect concrete measures such as favorable credit conditions, reduced VAT for the purchase of their first home, and legislation that facilitates the process for those who do not yet own an apartment.
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