Real Estate Prices in Macedonia went up 54%, inevitable Crash expected

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Prices of apartments have gone up by 54 precent since 2010, a Central Bank report has shown. Average prices in the capital Skopje have reached 1,680 EUR per square meter in the third quarter of 2024, with prices in the downtown averaging 1,898 EUR.

Ohrid is closing in on Skopje, with prices in the most desirable areas at 2,000 EUR. Other cities, like Prilep and Kicevo, are more affordable, while Veles is seeing prices of 1,580 EUR in the new developments.

However, the latest information coming in from investors is that there are countless buildings that sit empty, people are simply not paying 2000 euros/m2 for world’s most polluted city, in addition to the element of saturation where hundreds of new buildings simply don’t have enough buyers.