Published on and written by Cyril Jarnias
Real estate investment in North Macedonia is attracting more and more international investors intrigued by the potential of this Balkan country, where a rapidly growing economy and political stability provide fertile ground for lucrative opportunities.
With its competitive real estate costs and promising returns, North Macedonia stands out as an emerging market, ready to be explored by those seeking to diversify their portfolios.
Recent reforms and gradual integration into the European framework enhance legal and economic security, creating a favorable business climate and encouraging discovery of the multiple benefits of investing in this constantly evolving country.
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Why choose North Macedonia for real estate investment?
The business climate in North Macedonia is distinguished by relative political stability and a clear commitment to European integration. For several years, the country has implemented major reforms to attract foreign investors, facilitate business creation, and modernize its infrastructure.
North Macedonia has undergone significant economic transformation since its independence in 1991. The government has implemented numerous reforms to attract foreign investment and facilitate business creation, such as simplified procedures, attractive tax incentives, and the establishment of free zones offering specific benefits.
Attractive factors for investment
- Favorable taxation: Tax rates are among the lowest in the region, with corporate tax around 10%.
- Simplified administrative procedures: Quick business setup through a one-stop shop.
- Free economic zones: Additional tax exemptions and dedicated infrastructure for investors.
- Recent legislative reforms facilitating foreign investment in various promising sectors (technology, manufacturing, agribusiness).
- Low cost of living, which not only attracts expatriates but also facilitates competitive rental pricing.
Economic opportunities
| Sector | Opportunities |
|---|---|
| Information technology | Sustained growth; skilled workforce |
| Manufacturing industry | Steady development; exports to EU |
| Agribusiness | Growing local demand; export potential |
| Tourism | Underutilized natural heritage |
| Renewable energy | Government incentive programs |
Infrastructure & market access
North Macedonia is heavily investing in:
- highway development,
- railway network,
- digital broadband.
Gradual integration into the European market provides privileged access to over 500 million consumers through various regional and European trade agreements.
Real estate sector evolution
In 2024:
Real GDP growth reached 2.8%, driven particularly by sustained increases in public investment despite a challenging international context.
Recent trend:
| Year | GDP Growth (%) |
|---|---|
| 2023 | 1 |
| 2024 | 2.8 |
Major cities like Skopje are experiencing continuous growth in rental demand thanks to the arrival of expatriates attracted by moderate housing costs compared to neighboring European capitals.
Investor testimonials
“The procedures were surprisingly simple; my company now fully benefits from the exemptions offered in free zones. Political stability provides long-term reassurance.”
“I was able to quickly acquire several properties with rental yields higher than those observed elsewhere in the Balkan region. Ongoing expenses remain low while benefiting from a dynamic market among young local and international professionals.”
The current context therefore offers a favorable environment both for entrepreneurship and sustainable investment in North Macedonia.
Good to know:
Choosing North Macedonia for real estate investment offers numerous advantages, starting with a favorable business climate characterized by solid political and economic stability. With one of the lowest tax rates in Europe, combined with recent legislative reforms facilitating foreign investment, this country offers attractive return on investment prospects. Additionally, its developing infrastructure and strategic location provide easy access to key European markets. The cost of living is also relatively low, attracting many potential tenants. The real estate sector is booming, as evidenced by recent statistics showing notable growth, with several investors reporting considerable success in the region.
Real estate prices: a detailed analysis
Historical and recent real estate price trends in North Macedonia
Over the past decade, the Macedonian real estate market has experienced sustained growth, marked by notable accelerations over the last five years. The capital, Skopje, concentrates the majority of transactions and shows the most significant increases.
| Period | Average annual increase rate (%) | Average price per m² in Skopje (€) |
|---|---|---|
| 2014-2016 | 3 | ~1,100 |
| 2016-2018 | 5 | ~1,200 |
| 2018-2020 | 6 | ~1,300 |
| 2020-2022 | 7 | ~1,500 |
| 2022-2024 | ≈8 | up to 1,800 |
Prices increased by nearly 21% between late 2021 and late 2022, then by another 7% in the last observed quarter.
This dynamic is mainly explained by:
- Increased demand, particularly in downtown and sought-after neighborhoods (Aerodrom, Vodno), fueled by the arrival of foreign students and remote workers.
- Government incentives to attract both local and international investors (tax exemptions in certain zones).
- Rapid urban development with a growing number of new apartments entering the market.
The main elements that have impacted real estate price evolution are:
Economic
- Positive GDP growth rate for several years.
- Moderate but persistent inflation that has contributed to active search for tangible assets.
Political
- Public policies favoring foreign investment with simplified administrative procedures for property acquisition.
Social
- Growing urbanization around major economic hubs.
Regional
Relative political stability despite some regional tensions; the geopolitical situation remains monitored as it could impact confidence/investment.
Future forecasts according to local experts
Local real estate agencies anticipate a gradual slowdown in the pace of price increases once supply catches up with demand. However:
Maintained strong tourist appeal and the trend towards remote work should continue to support certain specific segments (small downtown apartments or tourist properties).
The main identified risk is that of potential oversupply, likely to stabilize or even slightly lower prices if too many new homes arrive simultaneously on the market. Nevertheless, as long as Skopje remains attractive compared to neighboring capitals—with a lower entry point—demand should remain strong.
Opportunities for investors: emerging cities/sectors & sought-after types
To leverage the current context:
List of recommended strategies
- Prioritize Skopje, particularly its central neighborhoods or those near universities/services (Aerodrom, Centar).
- Monitor emerging secondary cities benefiting from regional economic development (Bitola, Ohrid – tourist appeal).
- Focus on:
- Small apartments for students/coliving
- Seasonal rental properties in tourist areas
- Targeted investments in new projects still benefiting from tax incentives
Average net rental yield hovers around 3%, with better resilience expected for compact products adapted to current demographic trends.
Macedonian real estate remains attractive due to its recent dynamic growth but requires discernment regarding geographical sector and property type selection to maximize returns while controlling risks related to potential future market saturation.
Good to know:
Real estate prices in North Macedonia have shown varied trends over the past decade, illustrated by graphs showing modest rises then stabilization, influenced by moderate economic growth (GDP rising 3% annually) and controlled inflation. Recent fluctuations, due to incentive housing policies and regional tensions, have offered investment opportunities in emerging cities like Tetovo. Analysis shows that residential properties remain in high demand, especially modern apartments in developing neighborhoods. Forecasts, based on local agency reports, suggest gradual appreciation of real estate values, encouraging investors to target segments like residential complexes in suburbs, conducive to medium-term profitability thanks to recent government sustainable urban development initiatives.
Housing types and price examples
In North Macedonia, commonly available housing types include:
- Apartments (studios, 2-bedroom, 3-bedroom)
- Single-family homes, mainly in suburbs or residential areas
- Residential buildings with apartments of various sizes
Examples of average monthly prices by type and city:
| Housing type | Skopje (center) | Bitola / Ohrid |
|---|---|---|
| Studio / 1-bedroom | 200–300 € | 150–250 € |
| 2-bedroom apartment | 300–450 € | 200–350 € |
| 3-bedroom apartment | 400–600 € | 300–450 € |
| Single-family home (suburbs) | from 500 € | from 400 € |
Furnished housing is generally slightly more expensive. Monthly utilities for electricity, water and heating range between 50 and 100 € depending on housing size. High-speed internet costs about 15 to 25 € per month.
Current real estate market trends
- Demand is rising in the capital Skopje, particularly for modern apartments near downtown.
- Ohrid particularly attracts investors due to its tourist status: proximity to the lake and cultural sites drives up prices around central neighborhoods and shores.
- In Bitola, the market remains attractive with moderate increases due to regional economic development.
Factors influencing price variations
- Proximity to infrastructure (public transportation, shops)
- Tourist attractions: neighborhoods around Lake Ohrid or near the historic center see rising rents
- General condition and amenities included in the housing
- Quiet residential neighborhoods or recently developed areas may be more sought after
Note: Landlords typically require a security deposit equivalent to one or two months’ rent. It’s important that the contract clearly states refund conditions.
Areas to invest therefore prove particularly profitable:
- Downtown and modern/renovated neighborhoods in Skopje
- Tourist areas of Ohrid
- New residential areas in suburbs benefiting from easy access to major infrastructure
Good to know:
In North Macedonia, housing types include apartments, single-family homes, and residential buildings. In Skopje, apartments average 1,200 to 1,500 € per square meter in central neighborhoods, while single-family homes can reach 200,000 € depending on location. In Bitola, prices are more affordable, with apartments around 900 € per square meter. In Ohrid, prized for its lake proximity, prices climb to 1,100 € per square meter. The market shows growing demand in Skopje and Ohrid, especially near key infrastructure and tourist sites. Neighborhoods with good schools or well-served by public transportation see rising prices. Investments are particularly attractive in these expanding areas, highlighting the importance of respecting local diversity to ensure profitability.
Attractive areas and rental profitability in North Macedonia
Skopje, the capital, stands out as the main attractive area for real estate investment in North Macedonia. This dynamism is explained by:
- Rapid urban development
- Strong rental demand, particularly due to new residents and growing economic activity
- Modern infrastructure (transportation, shopping centers)
- Several recent real estate projects in Aerodrom, Karpoš and Centar neighborhoods
The average purchase price for an apartment in Skopje reaches about 1,500–2,000 € per square meter. Gross rental yields typically range between 5% and 7%, with occasional peaks in certain sought-after neighborhoods.
Ohrid mainly attracts for its exceptional tourist potential:
- City classified as UNESCO World Heritage due to its lake and historic center
- High appeal for seasonal rentals (furnished apartments, vacation homes)
- High occupancy rates during summer high season
Rental yields there are variable but can reach 8% or more for properties targeting tourists.
Bitola offers a different profile:
- Strong Ottoman architectural heritage and dynamic cultural life
- Still affordable real estate market with interesting prospects linked to cultural tourism and university students
- Historic neighborhoods undergoing renovation offering opportunities for heritage or hotel projects
Comparative table – Attractive cities & profitability
| City | Average purchase price (€ /m²) | Rental yield (%) | Key factors |
|---|---|---|---|
| Skopje | 1,500 – 2,000 | 5 – 7 | Rapid urban development, sustained demand |
| Ohrid | 1,200 – 1,800 | 6 – 8+ | Tourist appeal, UNESCO heritage |
| Bitola | 800 – 1,200 | 4 – 6 | Historical heritage, student potential |
In Skopje: The Aerodrom neighborhood is experiencing accelerated modernization with construction of residential complexes integrating shops & services.
In Ohrid: Many investors have transformed traditional old homes into high-end tourist apartments.
In Bitola: Recent rehabilitation of the historic center attracts investors seeking positioning in the boutique hotel market.
To maximize their returns in North Macedonia, investors primarily target these three cities where growing urbanization, marked cultural/tourist appeal, and a favorable regulatory environment coexist.
Good to know:
In North Macedonia, Skopje presents itself as a land of opportunity for real estate investors thanks to its rapid urban development and constantly rising rental demand, with rental yields approaching 7 to 8%. Cities like Bitola and Ohrid also offer strong potential, particularly due to their tourist appeal; Ohrid, for example, attracts with its lake and cultural heritage, significantly increasing seasonal rental demand. New infrastructure and development projects supported by the government, such as transportation network improvements in Skopje or tourism promotion in Ohrid, amplify these opportunities. Success examples include the urban renovation project of the Vardar Riverfront neighborhoods in Skopje, which is attracting more and more residents and investors; these initiatives reveal a favorable environment for those wishing to leverage dynamic rental markets.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
