The trend of rising apartment prices in Skopje continues at an accelerated pace, data for the last quarter of 2023 show.
During this period, prices increased by 10.6% compared to the same quarter in 2023.
According to builders, apartment prices can only stay the same or increase, but never fall.
The main reasons for this are: rising prices of construction materials, labor, and services, and a lack of construction sites, which causes additional pressure on prices.
Ivica Jakimovski from the Construction Chamber points out that the abolition of detailed urban plans (DUPs), especially in the municipalities of Centar and Karposh, has significantly reduced the supply of real estate, which is further raising prices.
"Insufficient supply and increased demand create an imbalance in the market, which leads to a constant increase in prices," explains Jakimovski. Rising apartment prices in all neighborhoods Analyses show that in the central parts of Skopje, such as Centar, Karpoš, Kisela Voda and Aerodrom, prices are reaching record levels: In Centar, the price of new buildings exceeds 2.000 euros/m², and in more exclusive buildings it reaches 2.500 euros/m². In Karpoš, apartments on the outskirts are sold for around 1.800 euros/m², while new buildings reach up to 2.000 euros/m². In Cair and Butel, prices have increased by 30% in the last two years. Even old apartments, due to high demand, are seeing price increases, with additional renovation costs that equalize the price with new buildings.
The Construction Chamber warns that if new DUPs are not adopted and the supply of construction locations is not increased, prices will continue to rise.
"The expectations are that the availability of apartments for purchase will be decreasing, which will lead to an increase in the number of citizens who will live in rent," says Jakimovski.
He adds that Macedonia could follow the example of European Union countries, such as Germany and Switzerland, where half of the real estate is rented.
During this period, prices increased by 10.6% compared to the same quarter in 2023.
According to builders, apartment prices can only stay the same or increase, but never fall.
The main reasons for this are: rising prices of construction materials, labor, and services, and a lack of construction sites, which causes additional pressure on prices.
Ivica Jakimovski from the Construction Chamber points out that the abolition of detailed urban plans (DUPs), especially in the municipalities of Centar and Karposh, has significantly reduced the supply of real estate, which is further raising prices.
"Insufficient supply and increased demand create an imbalance in the market, which leads to a constant increase in prices," explains Jakimovski. Rising apartment prices in all neighborhoods Analyses show that in the central parts of Skopje, such as Centar, Karpoš, Kisela Voda and Aerodrom, prices are reaching record levels: In Centar, the price of new buildings exceeds 2.000 euros/m², and in more exclusive buildings it reaches 2.500 euros/m². In Karpoš, apartments on the outskirts are sold for around 1.800 euros/m², while new buildings reach up to 2.000 euros/m². In Cair and Butel, prices have increased by 30% in the last two years. Even old apartments, due to high demand, are seeing price increases, with additional renovation costs that equalize the price with new buildings.
The Construction Chamber warns that if new DUPs are not adopted and the supply of construction locations is not increased, prices will continue to rise.
"The expectations are that the availability of apartments for purchase will be decreasing, which will lead to an increase in the number of citizens who will live in rent," says Jakimovski.
He adds that Macedonia could follow the example of European Union countries, such as Germany and Switzerland, where half of the real estate is rented.
