Real residential property prices Y-on-Y, percent change in North Macedonia, June, 2025 The most recent value is 18.23 percent as of Q2 2025, an increase compared to the previous value of 17.68 percent. Historically, the average for North Macedonia from Q1 2001 to Q2 2025 is 1.63 percent. The minimum of -12.69 percent was recorded in Q1 2013, while the maximum of 19.07 percent was reached in Q3 2002. | TheGlobalEconomy.com

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.

Key information about House Prices Growth

• North Macedonia house prices grew 4.7% YoY in Mar 2024, following an increase of 7.0% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2001 to Mar 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 24.6% in Dec 2008 and a record low of -7.9% in Dec 2009.

North Macedonia - Selected residential property prices, Nominal, Index, 2010 = 100

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.

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 Number of Job Postings: Removed: Real Estate Rental and Leasing data was reported at 0.000 Unit in 14 Apr 2025. This stayed constant from the previous number of 0.000 Unit for 07 Apr 2025. North Macedonia Number of Job Postings: Removed: Real Estate Rental and Leasing data is updated weekly, averaging 0.000 Unit from Jan 2008 (Median) to 14 Apr 2025, with 902 observations. The data reached an all-time high of 4.000 Unit in 13 Jan 2025 and a record low of 0.000 Unit in 14 Apr 2025. North Macedonia Number of Job Postings: Removed: Real Estate Rental and Leasing data remains active status in CEIC and is reported by Revelio Labs, Inc.. The data is categorized under Global Database’s North Macedonia – Table MK.RL.JP: Number of Job Postings: Removed: by Industry.

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.

In 2025, North Macedonia, Portugal, and Bulgaria exhibited the highest inflation-adjusted increase in house prices among the countries under observation. In the first quarter of the year, house prices in North Macedonia grew by nearly ** percent in real terms, whereas globally, prices declined by about *** percent. The country with the highest price drop was Turkey, at almost *** percent. Austria, Finland, and Belgium also experienced a decline in prices, at ***, **** and *** percent, respectively. These figures are based on the development of the real house price index, with 2010 chosen as a baseline year. When looking at the long-term index development, Turkey observed the biggest increase in prices in the region. When looking at the average house price in the major European markets, Luxembourg emerged as the country with the most expensive residential property. Meanwhile, cities such as Geneva, Zurich, and London had the highest average apartment prices.

In all CEE countries, except for North Macedonia, rentals for housing prices increased more than the average for the ** EU countries in 2024. Rents in Hungary have increased the most, by over ** percent compared to 2015.

North Macedonia GDP: GVA: Real Estate Activities data was reported at 30,226.546 MKD mn in Dec 2024. This records an increase from the previous number of 28,060.060 MKD mn for Sep 2024. North Macedonia GDP: GVA: Real Estate Activities data is updated quarterly, averaging 14,838.000 MKD mn from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 30,226.546 MKD mn in Dec 2024 and a record low of 8,457.600 MKD mn in Mar 2000. North Macedonia GDP: GVA: Real Estate Activities data remains active status in CEIC and is reported by State Statistical Office of the Republic of North Macedonia. The data is categorized under Global Database’s North Macedonia – Table MK.A007: ESA 2010: GDP: by Industry: Current Price.

North Macedonia GDP: CL 2005p: GVA: Real Estate Activities data was reported at 16,061.000 MKD mn in Dec 2024. This records an increase from the previous number of 15,829.000 MKD mn for Sep 2024. North Macedonia GDP: CL 2005p: GVA: Real Estate Activities data is updated quarterly, averaging 11,352.500 MKD mn from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 18,273.000 MKD mn in Dec 2008 and a record low of 6,798.000 MKD mn in Jun 2008. North Macedonia GDP: CL 2005p: GVA: Real Estate Activities data remains active status in CEIC and is reported by State Statistical Office of the Republic of North Macedonia. The data is categorized under Global Database’s North Macedonia – Table MK.A009: ESA 2010: GDP: by Industry: Chain-Linked 2005 Price.

A dataset of public corporate filings (such as annual reports, quarterly reports, and ad-hoc disclosures) for Nova Stokovna kuka AD (NOSK), provided by FinancialReports.eu.

In the first quarter of 2025, Portugal, Croatia, and the Netherlands had the highest house price to rent ratio index in Europe. The three countries ranked the highest, with house price to rent indices exceeding *** index points. The house price to rent ratio is an indicator of the affordability of owning housing over renting across European countries, with 2015 used as a base year. The higher the ratio, the more the gap between house prices and rental rates has widened since 2015 when the index amounted to 100. In terms of house price to income ratio, the top three countries were Portugal, the Netherlands, and Switzerland. Homeownership in Europe Homeownership varies widely across European countries. In some, such as Austria, Germany, and Switzerland, homeownership is relatively low, with less than ********** of people occupying a dwelling owned by a member of the household. In other countries (Iceland, the Netherlands, Norway, and Sweden), more than **** of people were owner-occupiers with a mortgage. A third group of countries with a high homeownership rate without a housing loan includes many Eastern and South European countries, among which were Serbia, Romania, North Macedonia, Italy, and Bulgaria. Dwellings as a non-financial asset Dwellings, along with structures, land, and intellectual property, are classified as non-financial assets and form an important part of household wealth. Through sale, refinancing, or renting, they can serve as an additional source of income. In 2022, France, Germany, and Norway were the European countries with the highest value of dwellings per capita as a non-financial asset with values between ****** and ****** euros per capita.

The industry includes the renting and leasing of goods like automobiles, computers, consumer goods and industrial machinery and equipment to customers in return for a lease or rent payment. Services are broken down into the renting of motor vehicles, the renting of recreational and sports equipment and household equipment, the leasing of other machinery and equipment for business operations and the leasing of intellectual property products.

Macedonia Number of Enterprises: New: Real Estate, Renting and Business Activities data was reported at 929.000 Unit in 2016. This records an increase from the previous number of 799.000 Unit for 2015. Macedonia Number of Enterprises: New: Real Estate, Renting and Business Activities data is updated yearly, averaging 928.000 Unit from Dec 2004 (Median) to 2016, with 13 observations. The data reached an all-time high of 2,316.000 Unit in 2010 and a record low of 388.000 Unit in 2004. Macedonia Number of Enterprises: New: Real Estate, Renting and Business Activities data remains active status in CEIC and is reported by State Statistical Office of the Republic of Macedonia. The data is categorized under Global Database’s Macedonia – Table MK.O007: Number of Enterprises: by Industry.

Macedonia Number of Enterprises: Real Estate, Renting and Business Activities data was reported at 8,820.000 Unit in 2016. This records an increase from the previous number of 8,330.000 Unit for 2015. Macedonia Number of Enterprises: Real Estate, Renting and Business Activities data is updated yearly, averaging 7,642.000 Unit from Dec 2004 (Median) to 2016, with 13 observations. The data reached an all-time high of 8,831.000 Unit in 2012 and a record low of 2,816.000 Unit in 2004. Macedonia Number of Enterprises: Real Estate, Renting and Business Activities data remains active status in CEIC and is reported by State Statistical Office of the Republic of Macedonia. The data is categorized under Global Database’s Macedonia – Table MK.O007: Number of Enterprises: by Industry.

Comprehensive Airbnb dataset for Skopje, North Macedonia providing detailed vacation rental analytics including property listings, pricing trends, host information, review sentiment analysis, and occupancy rates for short-term rental market intelligence and investment research.

Macedonia GDP: Same Qtr PY=100: VI: GVA: Real Estate Activities data was reported at 100.386 Same Qtr PY=100 in Sep 2018. This records a decrease from the previous number of 102.087 Same Qtr PY=100 for Jun 2018. Macedonia GDP: Same Qtr PY=100: VI: GVA: Real Estate Activities data is updated quarterly, averaging 99.300 Same Qtr PY=100 from Mar 2001 (Median) to Sep 2018, with 71 observations. The data reached an all-time high of 190.000 Same Qtr PY=100 in Dec 2008 and a record low of 54.800 Same Qtr PY=100 in Jun 2008. Macedonia GDP: Same Qtr PY=100: VI: GVA: Real Estate Activities data remains active status in CEIC and is reported by State Statistical Office of the Republic of Macedonia. The data is categorized under Global Database’s Macedonia – Table MK.A011: ESA 2010: GDP: by Industry: Same Quarter Previous Year=100: Volume Index.

A dataset of public corporate filings (such as annual reports, quarterly reports, and ad-hoc disclosures) for Interpromet AD (INPR), provided by FinancialReports.eu.