When you find an apartment you want to buy, it's easy to focus only on the advertised price. However, the real cost of the transaction is always higher — taxes, notary fees, attorney fees, and administrative charges can add between three and seven percent to the final bill. For a €100,000 apartment, that means an additional three to seven thousand euros that need to be ready before signing. This guide clarifies all the costs you'll encounter, so you won't be surprised halfway through the process.

Property Transfer Tax

The largest of the additional costs is the transfer tax, which is paid on every sale of existing property. The rate ranges between two and four percent of the agreed price, depending on the municipality. Skopje and larger municipalities typically apply a rate around three percent, while smaller municipalities may have lower rates. This tax is paid by the buyer and is settled before registration with the Real Estate Cadastre Agency.

There's an important exception: if you're buying an apartment directly from a developer as the first owner of a new build, you don't pay transfer tax. Instead, the price includes five percent VAT, a preferential rate valid until 2028 according to current regulations. This is one reason why new construction often appears more expensive in listings, but the real difference in total cost is smaller than it seems at first glance.

Notary Fees

The purchase agreement must be notarized to be legally valid and to enable registration of ownership. Notary fees are prescribed by tariff and depend on the value of the transaction. For an average apartment in Skopje, expect a notary fee between €200 and €600. VAT is added to that amount.

The notary doesn't just authenticate the contract, but also verifies that the seller is actually registered as the owner and whether the property is encumbered by a mortgage or other liens. This is one of the most useful functions of the notary system — protection against fraud or unclear titles. However, the notary doesn't perform in-depth legal analysis of all risks, which is why an attorney remains a necessary part of the process.

Attorney Fees

Although the law doesn't require you to use an attorney, undertaking a transaction worth tens of thousands of euros without legal protection is a real risk not worth taking. A good attorney will check the property records, determine whether there are unresolved debts or mortgages, draft or review the purchase agreement, and guide you through the notarization.

Fees vary depending on the complexity of the case, but for a standard apartment purchase, expect between €300 and €800. Some attorneys charge as a percentage of the transaction value, others a fixed sum. Ask about the total price upfront and request written confirmation — professional attorneys have no problem with this.

Registration with the Real Estate Cadastre Agency

After notarization, the contract must be registered with the Real Estate Cadastre Agency for you to become the formal owner. Registration fees are relatively low — usually between €30 and €100, depending on the value of the property and the type of registration. The procedure takes from several days to several weeks, but the registration itself is usually handled by the attorney or notary as part of their services.

Ongoing Monthly Obligations

Beyond the one-time costs, as a new owner you also assume ongoing obligations. Annual property tax is relatively modest in North Macedonia — it ranges between 0.10 and 0.20 percent of the assessed value of the property. For an apartment worth €100,000, that's between €100 and €200 annually. The municipality sends you a decision once a year.

In addition to tax obligations, you should also anticipate regular costs for building maintenance (common areas), bills for electricity, water, heating, and utility services. For a family in an average apartment in Skopje, these monthly costs often range between €80 and €200, depending on the season and the size of the apartment.

What if You're Buying with a Loan

When purchasing through a housing loan, costs related to the bank are also added. These include a loan processing fee (usually one percent of the amount), property appraisal by an authorized appraiser (around €100 to €200), property insurance (mandatory for the duration of the loan), and the cost of registering the mortgage in the cadastre.

If you plan to use a loan, talk to several banks before choosing. Interest rates for housing loans in Macedonia range around 3.5 to 4 percent, but the terms for fees and additional costs differ significantly between institutions.

How to Plan Your Budget

Simple rule: when calculating how much you can realistically afford for an apartment, add about five to seven percent to the advertised price for total transaction costs. If you have €100,000, don't search for apartments at €100,000, but those around €93,000 to €95,000 — that's the amount that truly matches your financial capacity after deducting all taxes, fees, and charges.

This approach protects you from an unpleasant situation where you've found the ideal property but don't have enough funds to finalize the transaction.

Buying property is one of the biggest financial decisions in life. Good knowledge of all costs from the start not only helps you plan, but puts you in a stronger position when negotiating. On Hommex you can start your search with a clear picture of what awaits you, and make an informed decision without surprises.