After a year of double-digit growth, Skopje's real estate market entered 2026 with a clear signal: the pace is slowing down. The National Bank released data for the first quarter on April 3, 2026 — annual price growth stands at +16.7%, significantly lower than the 25% in Q4 2025. Quarterly growth is just +0.1% — practically stagnation.

Price Trends

The NBRSM price index reached 198.92 in Q4 2025 — prices have nearly doubled over 15 years. The average listing price in Skopje in the second half of 2025 exceeded €1,800/m², while realized transaction prices were: €1,691/m² in Centar, €1,614/m² in Karpoš, €1,441/m² in Aerodrom, and €1,349/m² in Kisela Voda.

The slowdown in growth in Q1 2026 is the first sign of adjustment after the 2024–2025 rally. This doesn't mean a decline — but rather a transition toward a more mature, stable phase.

Movement by Neighborhoods

Centar remained the most expensive location with a turnover of €82.8 million in H2 2025. Karpoš follows with €57 million. Aerodrom showed the most dynamic growth — +27% annually for certain segments, with a turnover of €59.1 million. Kisela Voda remains the most affordable, but the gap with other neighborhoods is narrowing.

Supply and Demand

The full year 2025 brought 33,381 transactions — a +7.6% increase. Total market value reached €1.14 billion (+12.9%). An interesting paradox: the number of apartments sold fell by 4%, but the value rose by 11% — a classic indicator of a market where demand is concentrated in the premium segment. In October 2025, 446 building permits were issued with 1,177 planned apartments.

What to Expect for the Rest of 2026?

The NBRSM characterizes the Q1 data as "stabilization". Bloomberg Adria predicts double-digit growth throughout 2026, albeit moderate. We at Hommex believe that 2026 is a year of normalization — not crisis. Prices will likely continue to rise, but at single-digit rates (5–10%).

Advice for Buyers, Sellers, and Investors

For buyers: Stabilization is your ally. You have more time to compare and negotiate. Interest rates are favorable, and the 5% VAT on new builds has been extended until 2028.

For sellers: Realistic pricing is key. Apartments priced correctly and presented with quality will find a buyer, but inflated prices will mean a longer wait. Use Hommex Premium for maximum visibility.

For investors: The gross yield of 6.71% remains attractive. Rents grew 14% in 2025. Kisela Voda and parts of Aerodrom offer the best price-to-potential ratio.

Hommex: Your Partner in a Dynamic Market

In a changing market, information is power. Smart Geolocation enables you to search by exact location. Hommex AI analyzes your preferences and suggests relevant properties. Personalized Notifications alert you when a new listing appears that matches your criteria.

Follow the market and find your property on Hommex — buy and rent with ease.