Forecast: Gross Investment in Real Estate Activities Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

Turkey experienced the highest annual change in house prices in 2025, followed by North Macedonia and Portugal. In the second quarter of the year, the nominal house price in Turkey grew by **** percent, while in North Macedonia and Portugal, the increase was **** and **** percent, respectively. Meanwhile, some countries saw prices fall throughout the year. That has to do with an overall cooling of the global housing market that started in 2022. When accounting for inflation, house price growth was slower, and even more countries saw the market shrink.

North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data was reported at 1.150 % in 2020. This records a decrease from the previous number of 3.120 % for 2019. North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 2.160 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 19.670 % in 2010 and a record low of -22.870 % in 2009. North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

Forecast: Production in Real Estate Activities Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data was reported at 113.820 2015=100 in 2020. This records an increase from the previous number of 112.530 2015=100 for 2019. North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data is updated yearly, averaging 99.390 2015=100 from Dec 2000 (Median) to 2020, with 21 observations. The data reached an all-time high of 114.940 2015=100 in 2008 and a record low of 77.760 2015=100 in 2001. North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

Global house prices experienced a significant shift in 2022, with advanced economies seeing a notable decline after a prolonged period of growth. The real house price index (adjusted for inflation) for advanced economies peaked at nearly *** index points in early 2022 before falling to around ***** points by the second quarter of 2023. In the second quarter of 2025, the index reached ***** points. This represents a reversal of the upward trend that had characterized the housing market for roughly a decade. Likewise, real house prices in emerging economies declined after reaching a high of ***** points in the third quarter of 2021. What is behind the slowdown? Inflation and slow economic growth have been the primary drivers for the cooling of the housing market. Secondly, the growing gap between incomes and house prices since 2012 has decreased the affordability of homeownership. Last but not least, homebuyers in 2024 faced dramatically higher mortgage interest rates, further contributing to worsening sentiment and declining transactions. Some markets continue to grow While many countries witnessed a deceleration in house price growth in 2022, some markets continued to see substantial increases. Turkey, in particular, stood out with a nominal increase in house prices of over ** percent in the first quarter of 2025. Other countries that recorded a two-digit growth include North Macedonia and Russia. When accounting for inflation, the three countries with the fastest growing residential prices in early 2025 were North Macedonia, Portugal, and Bulgaria.

Forecast: Turnover in Real Estate Activities with Own or Leased Property Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

North Macedonia Real GVA per Person Employed: Index: Non Agriculture Business Sector excluding Real Estate data was reported at 104.150 2015=100 in 2020. This records an increase from the previous number of 102.600 2015=100 for 2019. North Macedonia Real GVA per Person Employed: Index: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 91.460 2015=100 from Dec 2000 (Median) to 2020, with 21 observations. The data reached an all-time high of 104.150 2015=100 in 2020 and a record low of 62.180 2015=100 in 2000. North Macedonia Real GVA per Person Employed: Index: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

In the second quarter of 2025, North Macedonia, Portugal, and Bulgaria registered the highest house price increase in real terms (adjusted for inflation). In North Macedonia, house prices outgrew inflation by nearly ** percent. When comparing the nominal price change, which does not take inflation into consideration, the average house price growth was even higher.

Meanwhile, many countries experienced declining prices, with Hong Kong recording the biggest decline, at ***** percent. That has to do with a broader trend of a slowing global housing market.

North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data was reported at 2.440 % in 2022. This records a decrease from the previous number of 3.500 % for 2021. North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 4.350 % from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 12.040 % in 2010 and a record low of -6.960 % in 2020. North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Non OECD Member: Annual.

Forecast: Number of Enterprises in Real Estate Activities with Own or Leased Property Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

Abstract

The document dataset covers the Enterprise Survey (ES) panel data collected in North Macedonia in 2009, 2013 and 2019.

Macedonia ES 2009 was conducted in 2008 and 2009, while Macedonia ES 2013 was conducted between November 2012 and May 2013, and North Macedonia ES 2019 was conducted between December 2018 and October 2019. The objective of the Enterprise Survey is to gain an understanding of what firms experience in the private sector.

As part of its strategic goal of building a climate for investment, job creation, and sustainable growth, the World Bank has promoted improving the business environment as a key strategy for development, which has led to a systematic effort in collecting enterprise data across countries. The Enterprise Surveys (ES) are an ongoing World Bank project in collecting both objective data based on firms’ experiences and enterprises’ perception of the environment in which they operate.

Geographic coverage

National

Geographic coverage notes

Regions covered are selected based on the number of establishments, contribution to employment, and value added. In most cases these regions are metropolitan areas and reflect the largest centers of economic activity in a country.

Analysis unit

The primary sampling unit of the study is the establishment. An establishment is a physical location where business is carried out and where industrial operations take place or services are provided. A firm may be composed of one or more establishments. For example, a brewery may have several bottling plants and several establishments for distribution. For the purposes of this survey an establishment must make its own financial decisions and have its own financial statements separate from those of the firm. An establishment must also have its own management and control over its payroll.

Universe

The whole population, or universe of the study, is the non-agricultural economy. It comprises: all manufacturing sectors according to the group classification of ISIC Revision 3.1: (group D), construction sector (group F), services sector (groups G and H), and transport, storage, and communications sector (group I). Note that this definition excludes the following sectors: financial intermediation (group J), real estate and renting activities (group K, except sub-sector 72, IT, which was added to the population under study), and all public or utilities-sectors.

Kind of data

Sample survey data [ssd]

Sampling procedure

The sample for Macedonia 2009 ES, Macedonia 2013 ES and of 2019 North Macedonia ES were selected using stratified random sampling, following the methodology explained in the Sampling Manual for Macedonia 2009 ES and for Macedonia 2013 ES, and in the Sampling Note for 2019 North Macedonia ES. Stratified random sampling was preferred over simple random sampling for several reasons:

a. To obtain unbiased estimates for different subdivisions of the population with some known level of precision. b. To obtain unbiased estimates for the whole population. The whole population, or universe of the study, is the non-agricultural economy. It comprises: all manufacturing sectors according to the group classification of ISIC Revision 3.1: (group D), construction sector (group F), services sector (groups G and H), and transport, storage, and communications sector (group I). Note that this definition excludes the following sectors: financial intermediation (group J), real estate and renting activities (group K, except sub-sector 72, IT, which was added to the population under study), and all public or utilities-sectors. c. To make sure that the final total sample includes establishments from all different sectors and that it is not concentrated in one or two of industries/sizes/regions. d. To exploit the benefits of stratified sampling where population estimates, in most cases, will be more precise than using a simple random sampling method (i.e., lower standard errors, other things being equal.) e. Stratification may produce a smaller bound on the error of estimation than would be produced by a simple random sample of the same size. This result is particularly true if measurements within strata are homogeneous. f. The cost per observation in the survey may be reduced by stratification of the population elements into convenient groupings.

Three levels of stratification were used in this country: industry, establishment size, and region. The original sample design with specific information of the industries and regions chosen is described in Appendix C of the North Macedonia 2019 ES Implementation Report and in Appendix E of the Macedonia 2013 Implementation Report.

Industry stratification was done as follows: Manufacturing – combining all the relevant activities (ISIC Rev. 3.1 codes 15-37), Retail (ISIC 52), and Other Services (ISIC 45, 50, 51, 55, 60-64, 72).

As it is standard for the ES, the North Macedonia ES was based on the following size stratification: small (5 to 19 employees), medium (20 to 99 employees), and large (100 or more employees).

Regional stratification for North Macedonia ES 2019 was done across three regions: Skopje; Eastern Macedonia comprising Northeastern, Eastern, Southeastern, and Vardar regions; and Western Macedonia comprising Polog, Southwestern and Pelagonia regions. For Macedonia 2013 ES, regional stratification was defined in 4 regions (city and the surrounding business area) throughout Macedonia. And for Macedonia ES 2009, regional stratification was defined in 4 regions which are Eastern, North- West & West, Skopje, and South.

Mode of data collection

Computer Assisted Personal Interview [capi]

Research instrument

Questionnaires have common questions (core module) and respectfully additional manufacturing- and services-specific questions. The eligible manufacturing industries have been surveyed using the Manufacturing questionnaire (includes the core module, plus manufacturing specific questions). Retail firms have been interviewed using the Services questionnaire (includes the core module plus retail specific questions) and the residual eligible services have been covered using the Services questionnaire (includes the core module). Each variation of the questionnaire is identified by the index variable, a0.

Response rate

Survey non-response must be differentiated from item non-response. The former refers to refusals to participate in the survey altogether whereas the latter refers to the refusals to answer some specific questions. Enterprise Surveys suffer from both problems and different strategies were used to address these issues.

Item non-response was addressed by two strategies:

a- For sensitive questions that may generate negative reactions from the respondent, such as corruption or tax evasion, enumerators were instructed to collect the refusal to respond (-8) as a different option from don’t know (-9).

b- Establishments with incomplete information were re-contacted in order to complete this information, whenever necessary. However, there were clear cases of low response. The following graph shows non-response rates for the sales variable, d2, by sector. Please, note that for this specific question, refusals were not separately identified from “Don’t know” responses.

Forecast: Gross Investment in Real Estate Activities on a Fee or Contract Basis Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

Revenue is forecast to contract at a compound annual rate of 2% over the five years through 2025 to €44.7 billion. This is mostly the result of COVID-19 restrictions dampening downstream demand in 2020. While 2021 saw some recovery, poor economic conditions since 2022 have stifled any significant recovery, continuing to weigh on the industry’s revenue performance. In 2025, revenue is slated to dip by 1.1% owing to the cooling housing market, despite significant investment in civil engineering projects across Europe. Despite public funding and support for new residential properties, a weaker housing market has limited stone and aggregates demand from property developers. This is primarily the result of persistently high interest rates, inhibiting borrowing and investing. Another key factor is the decline in cement and concrete manufacturing (two key downstream markets) in Europe since 2021, according to CEMBUREAU, owing to construction companies moving towards lower embedded CO2 construction materials. Still, revenue has been propped up by growing demand from non-construction markets, like glass manufacturers, fertiliser manufacturers and other industrial and building-environment solutions applications (like sand and gravel being used to prevent coastline erosion) Over the five years through 2030, revenue is forecast to grow at a compound annual rate of 2.5%, to €50.7 billion. Economic conditions are likely to remain fairly weak in the short to medium term as inflation remains above the universal 2% target. The elevated rate of inflation will ensure central banks delay any reductions in the base rate, keeping the cost of borrowing high for would-be home buyers. Weaker demand for houses will contribute to weak price performance and disincentivise developers from increasing production, weighing on activity levels in the construction sector. However, pockets of opportunity will remain in alternative uses of stone, clay, gravel and sand.

Forecast: Turnover in Real Estate Activities on a Fee or Contract Basis Sector in Macedonia 2022 - 2026 Discover more data with ReportLinker!

North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data was reported at 6.550 % in 2022. This records a decrease from the previous number of 6.610 % for 2021. North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 6.535 % from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 20.720 % in 2007 and a record low of -9.760 % in 2009. North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Non OECD Member: Annual.

This statistic illustrates the share of the total population living in houses (detached and semi-detached) in Europe as of 2016, broken down by country. It can be seen that a share of almost ************** (**** percent) of the population of Macedonia were living in detached houses as of 2016, a share of **** percent more than for the population of Malta (*** percent). The average share of people living in detached houses for the EU as a whole stood at **** percent at that time.

North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data was reported at 1.510 % in 2020. This records a decrease from the previous number of 2.320 % for 2019. North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 2.355 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 14.470 % in 2010 and a record low of -8.270 % in 2009. North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data was reported at -8.700 % in 2020. This records a decrease from the previous number of 3.050 % for 2019. North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 3.020 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 17.000 % in 2009 and a record low of -8.700 % in 2020. North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Employment: by Industry: Non OECD Member: Annual.

North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data was reported at 116.570 2015=100 in 2018. This records an increase from the previous number of 112.320 2015=100 for 2017. North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 107.250 2015=100 from Dec 2000 (Median) to 2018, with 19 observations. The data reached an all-time high of 123.830 2015=100 in 2000 and a record low of 97.830 2015=100 in 2013. North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Unit Labour Costs: by Industry: Non OECD Member: Annual.