Published on and written by Cyril Jarnias
Nestled in the Heart of the Balkans, North Macedonia Emerges as a Prime Destination
North Macedonia is establishing itself as a prime destination for savvy real estate investors seeking promising new markets. With its picturesque landscapes, rich cultural heritage, and dynamic economic growth, the country offers an attractive setting for those looking to diversify their portfolios in an expanding region.
Cities with Remarkable Real Estate Potential
From the bustling capital, Skopje, to charming towns like Ohrid, discover neighborhoods brimming with potential, where investments can translate into lucrative returns and rapid property appreciation.
Good to Know:
Experts agree that North Macedonia is a wise choice for any discerning investor, thanks to its growing economic stability and still affordable real estate market.
Explore the Fascinating Opportunities in the Balkans
We invite you to explore the fascinating opportunities hidden within this Balkan gem and understand why North Macedonia could be the next step in your real estate investment strategy.
Must-Consider Neighborhoods for Investing in North Macedonia
Skopje, the capital, concentrates the greatest real estate investment potential in North Macedonia due to a combination of economic and structural factors. The following neighborhoods stand out particularly:
| Neighborhood | Key Strengths |
| Aerodrom | Proximity to universities, high rental demand, numerous recent real estate projects |
| Centar | Dynamic city center, modern infrastructure (transportation, shopping centers), sustained appreciation |
| Karpoš | Rapid urban development, attractive to young professionals and families |
The major reasons explaining the appeal of these sectors include:
- Stable economic growth and urban dynamism
- Deployment of modern infrastructure (roads, public transportation)
- Growing housing demand due to incoming new residents and students
- Increase in new real estate projects
The average price per square meter in these neighborhoods ranges between €1,500 and €2,000, with gross rental yields typically between 5% and 7%.
Other cities or areas also offer strong potential depending on investor profiles:
Ohrid:
- UNESCO World Heritage city
- Major tourist attraction with high seasonal occupancy rates
- Yields potentially exceeding 8% for short-term rentals
Bitola:
- Remarkable architectural heritage; active cultural life
- Still affordable market undergoing urban renewal
- Opportunities in hospitality or heritage restoration
This is complemented by several government initiatives promoting foreign investment: advantageous taxation (low taxes), simplified process for non-residents to acquire real estate, and various incentives for foreign investors.
Key Criteria Explaining the Choice of These Neighborhoods/Areas:
- Rapid modernization of urban infrastructure
- Presence of university or tourist hubs generating stable demand
- Institutional support facilitating future land value appreciation
Investors thus favor Skopje—particularly Aerodrom, Centar, or Karpoš—for their high rental security and appreciation potential. Ohrid attracts with its international tourist appeal, while Bitola offers a long-term bet focused on heritage revaluation.
Good to Know:
In North Macedonia, Skopje, the capital, offers notable opportunities with its expanding neighborhoods like Centar and Karpoš, benefiting from sustained economic growth and developing infrastructure, including promising real estate and residential projects. Ohrid, with its renowned tourist appeal, supported by government preservation initiatives, represents a wise investment for those interested in the cultural heritage market. Bitola is another emerging destination, attracting with its historical charm and growing investments in modern infrastructure. Government initiatives aimed at attracting foreign investment in these areas add an extra layer of security for potential investors.
Promising Forecasts for the Real Estate Market
North Macedonia’s real estate market shows promising prospects, supported by projected economic growth of 3.5% for 2025. Property prices have increased significantly, with a 20.5% rise between late 2021 and late 2022, followed by an additional 7% increase in the last quarter of 2023.
Recent Real Estate Price Trends
| 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 |
Factors Influencing the Market
- Economic Growth: North Macedonia benefits from sustained economic growth, attracting foreign investors and strengthening confidence in the real estate market.
- Foreign Investments: Foreign investments are encouraged by a favorable legal environment and attractive real estate prices compared to other European countries.
- Government Policies: New construction laws offer legal security to buyers, facilitating pre-sale agreements during construction.
Emerging Neighborhoods
Certain neighborhoods offer promising investment opportunities due to their attractiveness, including:
- Skopje: Real estate prices are around €1,100 per square meter, with high demand for new housing.
- Ohrid: Prized for its proximity to the lake, Ohrid attracts investors due to its tourism potential.
- Bitola: Prices are more affordable here, with apartments around €900 per square meter.
Neighborhood Attractiveness
The attractiveness of these neighborhoods is reinforced by:
- Infrastructure: Major infrastructure projects are underway to improve connectivity and accessibility.
- Transport Services: Improved transport services facilitate access to tourist and commercial areas.
- Quality of Life: Quality of life is a key factor, with preserved natural environments and rich cultural offerings.
Good to Know:
The real estate market in North Macedonia shows encouraging signs, with property prices rising about 5% in 2022 and projected double-digit growth for the coming years. Neighborhoods like Karpoš and Aerodrom in Skopje are particularly attractive to investors, partly due to improved infrastructure and transport services. Foreign investments are also increasing, stimulated by government incentive policies and reforms aimed at strengthening the sector. Increased accessibility of mortgage loans and economic stability enhance the appeal of residential and commercial properties. Furthermore, rising quality of life in certain emerging urban areas makes these locations attractive to families and professionals, promising considerable profitability potential in the medium term.
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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.
