Buying Property in North Macedonia: A Comprehensive Guide
North Macedonia, officially known as the Republic of North Macedonia, is a Balkan country known for its rich history and natural beauty. In 2018, the country officially changed its name to “North Macedonia” and joined NATO in 2020. With the possibility of accelerated steps towards European Union membership in the near future, North Macedonia is gaining interest among those looking for real estate investments. In this guide, you will find all the necessary information, including legal procedures, required documents, and important details for buying property in North Macedonia.
Overview of North Macedonia and Its Real Estate Market
North Macedonia has many cultural similarities with Turkey, making it an attractive destination for Turkish citizens. The affordable cost of living, along with the warm relations between the two countries, adds to its appeal. It is particularly popular among students and expatriates. North Macedonia is known for its beautiful cities like Skopje, the capital, and Ohrid, known for its scenic lake views. The country’s currency is the Macedonian Denar (MKD).
By investing in real estate worth at least 40,000 euros in North Macedonia, you can obtain a residence permit. As the country advances towards European Union negotiations, owning a property in North Macedonia may lead to the possibility of free movement across Europe in the future.
Conditions for Foreigners to Buy Property in North Macedonia
North Macedonia allows foreigners to buy property under certain conditions. Citizens of EU or OECD countries enjoy the same rights as Macedonian citizens when purchasing real estate, whereas citizens of other countries must comply with reciprocity agreements. As an OECD member country, Turkish citizens can acquire property in North Macedonia without any reciprocity requirements.
If you are a foreigner looking to buy property in North Macedonia, here are the required documents and steps that need to be taken:
Required Documents
- On-Encumbrance Certificate: This document, issued by the Land Registry Office, confirms that the property is free of any mortgages or debts.
- Title Deed: Proof that the person selling the property is the rightful owner.
- Sales Agreement: A sales agreement must be prepared by a licensed lawyer.
Property Purchase Process
- Payment of Taxes: Once all documents are prepared, the sales tax determined by the local municipality must be paid. This tax is determined within 30 days after submitting the documents and must be paid accordingly.
- Notary Approval: After the sales tax is paid, a notary will approve the sales agreement, and the Land Registry Office will be notified to finalize the property transfer.
- Title Registration: The buyer or their appointed lawyer must apply for a new title deed. The registration and title issuance process can take approximately 30 days.
Completing all of these steps—document preparation, application processing, and payments—generally takes around 29 days. However, some stages may take longer depending on specific circumstances.
Costs Involved in Buying Property in North Macedonia
There are several additional costs associated with purchasing property in North Macedonia. Below is a summary of these costs:
- Sales Tax: Typically between 2% and 4% of the property’s market value. This tax is determined after submitting the necessary documents and must be paid before completing the purchase.
- Value Tax: For apartments or buildings less than five years old, a value tax of 18% of the property value is payable. Older properties are exempt from this tax.
- Land Registry Fee: A minimum fee of 5 euros is payable for each registration, although this amount can vary.
- Notary Fee: Notary fees are determined by the official Notary Fee Schedule and generally do not exceed 500 euros per transaction. However, the amount may vary depending on the specifics of the transaction.
- Legal Fees: In North Macedonia, a lawyer must prepare the sales agreement, and their services form a part of the legal costs. Additional legal fees may apply for other services provided by the lawyer.
- Real Estate Agent Commission: If you find your property through a real estate agent, a commission of approximately 2% of the property’s value is typically payable.
Property Prices in North Macedonia
Property prices in North Macedonia vary depending on the city. Below are the average price ranges per square meter in the eight largest cities in the country, which will help you get an idea regardless of the size of the property you are interested in.
| City | City Center Price per m² (EUR) | Suburban Price per m² (EUR) |
|---|---|---|
| Skopje | 1,266.07 EUR | 894.24 EUR |
| Bitola | 821.41 EUR | 612.86 EUR |
| Kumanovo | 707.25 EUR | 567.75 EUR |
| Prilep | 715.33 EUR | 562.88 EUR |
| Tetovo | 838.76 EUR | 684.36 EUR |
| Veles | 681.30 EUR | 513.68 EUR |
| Stip | 965.17 EUR | 605.06 EUR |
| Ohrid | 1,068.29 EUR | 746.34 EUR |
Properties for Sale in Ohrid
Ohrid is North Macedonia’s eighth-largest city and is known for its stunning views of Lake Ohrid. The city is close to the Albanian border and attracts attention for its natural beauty. Here are some examples of properties currently for sale in Ohrid:
| Area | Size (m²) | Price (EUR) |
| City Center | 103 | 150,000 EUR |
| Nabelsa Istok | 150 | 200,000 EUR |
| Carpso 5 | 77 | 65,450 EUR |
| Tourist Blvd | 34 | 25,000 EUR |
| Dame Gruev 261 | 285 | 84,000 EUR |
| Vojvoda | 140 | 120,000 EUR |
| Daljan | 32 | 22,500 EUR |
| Pestani | 280 | 110,000 EUR |
Properties for Sale in Skopje
Skopje, the capital of North Macedonia, lies at the heart of the Balkans and serves as the country’s cultural, economic, and academic hub. The Vardar River divides this historical city, which boasts both ancient landmarks and modern residential areas. Below are some properties currently available in Skopje:
| Area | Size (m²) | Price (EUR) |
| Karposh 2 | 80 | 98,500 EUR |
| Gjorche Petrov | 38 | 33,000 EUR |
| Taftalidze 2 | 257 | 330,000 EUR |
| Karposh 3 | 115 | 169,500 EUR |
| Karposh 4 | 103 | 89,000 EUR |
| Aerodrom | 115 | 105,000 EUR |
| Kapishtec | 151 | 190,000 EUR |
| Michurin | 148 | 110,000 EUR |
Conclusion and Recommendations
Buying property in North Macedonia is an attractive option both for those looking to improve their quality of life and for investors. With ongoing European Union membership negotiations, owning property in North Macedonia may lead to future opportunities to enjoy greater rights across Europe. However, it is essential to follow the legal processes carefully, and for this reason, working with a professional real estate agent and lawyer is recommended to ensure that your transactions proceed smoothly and securely.
To find the best opportunities that match your budget and needs, consider researching the real estate market in North Macedonia, particularly in popular cities like Skopje and Ohrid. By making thorough comparisons, you can find your dream home or make a wise investment in the future.
If you are considering investing in North Macedonia, now is the time to take the first step and explore the market. Consulting with an expert for more detailed information and to understand the process better is also highly recommended.