Is Now a Good Time to Buy Property in North Macedonia?

If you’re thinking about taking the leap and buying property in North Macedonia, then you’re not alone. With an evolving economy, growing urban demand, and increasing interest from foreign buyers, the North Macedonia real estate market is gaining momentum. In this blog, we’ll look at market trends, legal considerations, investment opportunities, and potential risks. Whether you’re a resident, an expat, or an international investor, you’ll be able to decide if now is the right time to buy property in North Macedonia.

Where the Market Stands

The property market in North Macedonia has shown consistent growth in recent years. Residential real estate is projected to reach approximately US $58.8 billion in 2025, with an annual growth rate of nearly 6% through 2029. Sales volumes are also healthy, with 2025 transactions estimated to exceed US $400 million.

The rental sector is expanding at a rapid pace, forecast to generate about US $480 million this year. Within this, leases are expected to dominate, accounting for the largest share with a projected market volume of over US $262 million in 2025. This growth isn’t speculative; it’s driven by strong demand for apartments in urban centers like Skopje, as well as steady interest in tourist hubs such as Ohrid.

Price and Investment Trends

In Skopje, the most competitive market for property investment in North Macedonia, prices have increased by 5% to 10% this year alone. New high-end developments in central locations now sell for between €2,200 and €2,800 per square meter. Regional cities like Bitola and Ohrid offer more affordable entry points, averaging €1,100 to €1,800 per square meter, though they are experiencing steady growth.

For investors, rental yields are a desirable option. Skopje delivers average gross yields of around 6% to 7%, with two-bedroom central apartments renting for approximately €400–€700 per month. Bitola and Štip also offer yields in the mid-6% range, making them appealing options for long-term rental income and capital appreciation.

Economic and Legal Climate

North Macedonia’s economy has been steady, with GDP growth of approximately 2.2% in 2024. Forecasts indicate further expansion in 2025. While the average monthly salary sits at around €740, the cost of living remains comparatively low by European standards, which helps support local demand for housing.

The process to buy property in North Macedonia has become more streamlined thanks to a modernized land registration system. Land is now recorded digitally, allowing ownership transfers to be completed in just three to five working days. Foreign nationals can own property, though restrictions apply to agricultural land. New anti-money laundering regulations also require buyers to declare their funding sources, thereby adding transparency and stability to the market.

Why Now Might Be the Right Time

One major draw is that property prices in North Macedonia are still competitive compared to those in other European countries. Even in Skopje, where prime areas now command €2,500 to €3,000 per square meter, buyers are getting far more value for their money than in most EU capitals.

Rental yields are another strong incentive, with urban properties regularly producing returns of between 6% and 7%. The transaction process is faster and safer than in the past, and infrastructure projects, such as upgraded motorways linking Skopje and Ohrid, are expected further to boost demand and property values in the near future.

Points of Caution

There are still challenges to consider before you buy property in North Macedonia. Rapid price growth, particularly in Skopje, has outpaced wage increases, raising concerns about long-term affordability for locals. In tourist hotspots like Ohrid, overdevelopment has caused environmental issues, with UNESCO warning about the impact on Lake Ohrid’s ecosystem.

Foreign buyers should also note that mortgage options are limited, resulting in many purchases being funded entirely in cash. Furthermore, tighter transaction regulations mean it’s essential to have a local lawyer ensure all documents, titles, and declarations meet current requirements.

Locations Worth Watching

Skopje remains the most attractive choice for investors due to strong rental demand and ongoing infrastructure improvements. Ohrid offers seasonal rental potential and tourism-driven appreciation, though buyers should weigh environmental factors.

Cities like Bitola and Štip are appealing for their affordability and steady yields. Meanwhile, emerging areas along new transport corridors could offer untapped long-term opportunities for those willing to look beyond the major cities.

Tips for a Smart Purchase

If you’re planning to invest in property in North Macedonia, whether a house or apartment, it’s essential to partner with a reputable local real estate agency. MakLiving is a trusted name in the industry, offering expert guidance on market trends, legal processes, and property transactions. We understand the intricacies of North Macedonia’s real estate landscape, ensuring a seamless buying experience for all our clients.

Always perform thorough due diligence on title deeds, even when records appear complete in the digital cadastre. For those aiming at rental income, research vacancy rates and tenant demand in your chosen area. Consider not just today’s market, but the long-term potential influenced by infrastructure projects, tourism trends, and economic growth.

Also, remember to factor in all costs, including taxes, registration fees, and any necessary renovations, before committing.

Should You Buy Property in North Macedonia Now?

So, is now a good time to buy property in North Macedonia? The short answer is yes, if you approach the decision with proper research and preparation. The market is growing, yields are strong, and the buying process is more streamlined than ever. However, environmental challenges, affordability issues, and shifting regulations require thoughtful consideration.

With MakLiving’s expertise, you’ll navigate the local market with confidence. Whether you’re looking for a property for sale or rent, we help you choose the right location, make informed decisions, and envision your investment’s long-term potential. 2025 is shaping up to be a prime time to secure your place in North Macedonia’s dynamic real estate market.

Don’t miss out on opportunities. Contact us today for tailored property advice or browse our listings to see the latest properties available.