One of the most common dilemmas when buying an apartment in Skopje is the choice between new and old construction. The two segments have completely different dynamics — different prices, different monthly costs, different types of buyers and different long-term prospects. There is no universally good answer, but there is a good answer for your specific circumstances. This guide breaks down the key differences and helps you decide what makes sense for you.

How "new" versus "old" construction is defined

In the context of the Macedonian market, "new construction" usually refers to buildings built in the last fifteen to twenty years, although strictly speaking it means first ownership. "Old construction" covers everything before that — socialist buildings from the seventies, eighties and nineties, as well as older central buildings from the sixties.

Between them there is also a middle category — buildings constructed in the early 2000s — which are not quite one or the other. They often have the advantage of solid construction and already "settled" communal systems, but without the latest standards of thermal insulation and energy efficiency.

Price: the first and most obvious difference

New construction in Skopje on average costs between 20 and 40 percent more per square metre than older construction in the same area. In Karpoš, for example, an older apartment might be €1,500 per square metre, while a new building in the same neighbourhood is often €2,000 or more. In Aerodrom, the difference is similar — older buildings range between €1,400 and €1,600, while new projects reach €1,800 and sometimes €2,000.

However, this price is not apples to apples. As we'll see below, new construction often offers more than just new walls — better quality installations, thermal insulation, underground parking, lift. When you factor in these elements, the difference looks more reasonable.

There is also an important tax difference. Old construction when purchased carries a sales tax of 2 to 4 percent. New construction, if you're the first owner from the developer, carries no sales tax — instead, a 5 percent VAT is included in the price. At first glance, the price of new construction may seem higher, but if you calculate the total transaction costs, the difference narrows.

Quality of construction and installations

New construction follows modern thermal insulation standards which the old housing stock in Skopje largely does not meet. This means significantly lower heating and air conditioning bills. A 70 square metre apartment in a new building with good thermal insulation can consume less than half of what an apartment with the same square footage in an inadequately insulated old building consumes.

Installations — electricity, water, heating — in new construction are designed for modern consumption. Many apartments in old construction have old electrical infrastructure that struggles with modern consumption (refrigerator, washing machine, dishwasher, air conditioning, multiple devices simultaneously). Replacing installations in an old apartment is an expensive investment — something you don't need in a new apartment.

On the other hand, older construction often has its own advantages that new construction doesn't. Many buildings from the seventies were built with thicker walls, better quality materials and less economy — something that is not always the case with new construction. Sound insulation in some older buildings is significantly better than in many new projects, especially if the new building was constructed with an economical approach.

Common areas and building infrastructure

New construction usually offers underground parking, a lift with modern technology, larger terraces, and sometimes additional amenities like a fitness room or green rooftop terrace. Common areas are clean and new, and monthly contributions for their maintenance are usually reasonable in the first few years.

Old construction, especially in Karpoš, Aerodrom and similar neighbourhoods, often has no underground parking — you park on the street, with all the difficulties that brings. Lifts, if they exist, are usually older and sometimes haven't functioned for decades. On the other hand, common costs are often lower, because there is no expensive technology to maintain.

However, you should anticipate that old buildings in the coming years will require serious investments in the common fund — for façade, roof, lifts. When this happens, each owner must contribute and the amount can be significant. New construction avoids this for the first 15 to 20 years.

Location: where the two segments are found

New construction in Skopje is most commonly in the expanded parts of the city — Ždanec, Lisičе, peripheries of Aerodrom, parts of Kisela Voda. Older central locations, like Centar, Debar Maalo, Karpoš 1, are almost entirely occupied by old housing stock, with the exception of rare new projects.

This means that if pedestrian access to the centre, cafes, restaurants and cultural institutions is a priority for you, you will almost certainly be buying old construction. If you're prepared for a more distant location, with the need for a car or regular travel to the centre, new construction offers you more qualitative advantages.

Hommex's Smart Geolocation tool helps you immediately see what's nearby a specific listing, which is useful when comparing between new construction in a peripheral area and old construction in a central one — sometimes the peripheral location is actually not as peripheral as it looks on the map.

Investment aspect

New construction usually has lower maintenance costs in the first 10 to 15 years, which is good news for investors who rent out. However, the price per square metre is higher, which means a lower gross rental yield. An old apartment in a central location often offers a better return — cheaper initial investment, high rent due to location.

Long-term, both segments are good investments in the Macedonian market. Older stock in central areas continues to appreciate due to limited supply, while new construction maintains its value well if it is well located and quality built.

Beware: not all new projects are the same. There are developers who build quality and those who optimize for quick profit. Before buying new construction, research the developer, visit their other buildings, talk to existing owners. A poorly built new building will create problems for you that an old building wouldn't have.

For whom each segment is most suitable

New construction is the most natural choice for buyers who want "immediate move-in" without the need for renovation, who value underground parking, and who view an apartment as a long-term investment with predictable monthly costs.

Old construction is a natural choice for buyers seeking specific central locations that only it offers, who are prepared for renovation to adapt the apartment to their taste, or who are looking for a better ratio between initial price and available square footage.

Both segments are available on Hommex. With clear filters by year of construction, location and budget you can quickly see what fits your criteria, and make an informed decision for the next step.