Apartment prices in North Macedonia are rising rapidly in major urban centres, with notable disparities between the capital, Skopje, and regional cities such as Tetovo, a trend that economists say could fuel financial risk and affordability pressures.
In Skopje’s city centre, prices for new apartments have reached around €2,400–€3,100 per square metre, with some transactions exceeding €3,000 per square metre, according to published data from the Real Estate Cadastre Agency for the third quarter of 2025. A 91‑square‑metre apartment in the central Centar municipality fetched roughly €280,000, equating to about €3,000/m².
Outside the premium core of Skopje, broader averages appear significantly lower. Other market indicators suggest the overall citywide asking price may be closer to about €1,600–€1,800/m² when including less central locations and older stock.
By contrast, in Tetovo, real estate listings point to markedly lower asking prices. Advertised units on local platforms show examples of apartments in development priced at around €1,100 per square metre in central areas, and other listings for completed units suggesting sales around roughly €1000–€1,400/m² depending on location and condition.
This gap reflects wider regional divergence in demand and economic capacity. Skopje’s status as the national economic and administrative hub sustains strong buyer interest, while smaller cities like Tetovo face more modest demand and lower per‑square‑metre valuations.
Transport Minister Aleksandar Nikoloski has warned that overheated pricing in the housing market may signal a speculative bubble, particularly as flat prices in prime Skopje locations have far outpaced general income growth. Prices at €2,500–€3,000/m² are increasingly cited in market commentary as beyond the reach of average homebuyers.
Market watchers note that limited housing supply in central urban areas, strong demand from buyers, and investment inflows have driven price growth. This trend could exacerbate affordability issues if wages and lending conditions do not keep pace.
Investors and potential buyers are watching closely for signs of stabilization or correction. A sustained imbalance between high urban prices and broader economic fundamentals could, analysts say, increase the risk of a market correction in the coming years.