After a weak end to 2024, permit activity picked up markedly in 2025. According to the State Statistics Office, the number of permits issued in April 2025 rose by 38.9% y/y in April, 80.4% y/y in May, and 15.1% y/y in June; while the expected value of properties in June was 47.1% higher than a year earlier. This forms the “substrate” for future project launches, primarily in the Skopje agglomeration.
New residential construction costs in Q2 2025 rose by 1.1% qoq, but were 0.3% lower yoy – the effect of normalization of material prices and a gradual cooling of costs after the 2022-2023 peak. Bottom line for construction: permits are accelerating, but the effect in the form of “commissioning” will manifest itself with a lag in 2025/26; production costs are stabilizing, which reduces pressure on developers’ budgets.
Rental: steady demand in Skopje; short-term segment active
Long-term rents in the capital are holding at elevated levels: benchmarks for Skopje in early September are around €300 for a studio, €400 for a 1-bedroom and €550 for a 2-bedroom apartment (based on average “asking” rates).
Sales and prices: indices accelerated
The house price index rose from 170.5 points in Q1 2025 to 184.1 points in Q2 2025. Back in March (Q1), annual price growth was ≈19.4% y/y, confirming an acceleration phase beyond 2023-2024 (data from aggregators based on NBRSM statistics).
Bottom line on sales/price: demand is focused on Skopje and quality locations; limited commissioning and cheaper financing in the Western Balkans region (on the background of moderate monetary policy) support prices in H2.
Outlook for the next 6-12 months
Prices: baseline scenario – moderate growth (shortage of new buildings + concentration of demand in Skopje), rates – below H1 peaks.
Rents: plateau at elevated levels in the center of Skopje; possible “sawtooth” in months due to seasonality and STR. Construction: “traffic jam” between permits and actual starts will persist until 2026; cost normalization reduces risks for new queues.
http://relocation.com.ua/north-macedonia-housing-price-analysis/
Ukraine and North Macedonia have agreed to expand the free trade zone, Prime Minister Denys Shmygal said.
“Today, as part of our visit to the Czech Republic to participate in the first session of the European Political Community, we met with Prime Minister of North Macedonia Dimitar Kovachevsky. An updated annex to the Free Trade Agreement was signed, which integrates the markets of Ukraine and North Macedonia with the markets of the EU, Turkey, Moldova , Georgia, Norway, Switzerland and Israel through a common system of rules of origin for PanEuroMed,” Shmyhal wrote on the Telegram channel.
According to him, the agreement will help reduce prices for Macedonian goods, which are raw materials for processing enterprises.
“This is the main advantage for the industry of Ukraine. After all, now Ukrainian manufacturers can use components produced in North Macedonia for products that will be sold in the EU,” he wrote.
In addition, the agreement liberalizes agricultural tariffs.
“Ukraine will gain access to the market for products of animal origin and finished products, which will help increase the export of Ukrainian agricultural products,” the prime minister said.
Ukrainian football players of the country’s national team beated North Macedonia. “Ukraine vs. North Macedonia – 2: 1! An intense matchup and such a necessary victory! Thanks for the real football thriller, thanks for the important three points! Glory to Ukraine!”, President of Ukraine Zelensky wrote on his Twitter page on Thursday.
The national team of Ukraine in the second match of the European Football Championship defeated the national team of North Macedonia with a score of 2:1.
The match took place in Bucharest.
The first direct flight Kyiv – Skopje departed took off on Sunday, now Ukraine and North Macedonia are connected by regular flights, Ukrainian Foreign Minister Dmytro Kuleba said.
“We are further expanding the freedom of travel for Ukrainians. Ukraine and North Macedonia signed a visa-free regime last year. And today, for the first time in history, a direct flight Kyiv – Skopje has taken off. From now on, our countries are connected by regular flights. This is the development of not only tourism, but also business contacts,” wrote Kuleba on Twitter on Sunday.
