Macedonia, a young and developing landlocked country in the SouthEast of Europe located just steps away from Greece In recent years Macedonia is increasingly attracting foreign investments from all around the globe, and there is a good reason for it.
After gaining independence from Yugoslavia in 1991, the hard times during the ‘90s, period of uncertainty of ‘00, in the recent decade it looks that Macedonia has finnally found her balance. It joined NATO, started the talks for joining EU, it is attracting more and more forgein investors, with that it is ranked 10 of 190 in the ease of doing business index by the World Bank, and the Macedonia Real Estate Market is quite alive..
I presume that many of you that are reading this article are not very much familiar with Macedonia, so I will give you a brief introduction of the country. For example Skopje (Capital) is the birth place of Mother Teresa, and in Macedonia you can live on UNESCO world heritage site.
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What is Macedonia Known for?
Natural beauty, Mountains, mountains everywhere! With 34 mountain peaks Macedonia is 7th most mountainous country on the planet, for example Switzerland is 8th and Nepal is 10th. 85% of the country is covered with mountains. Every moment that I have to spear here I spend visiting villages in the mountains, that is an experience that is hard to explain. I have visited many places in Asia and Africa, wild places, remote places, beautiful places, and Macedonia is not falling behind..
Villages of Galicnik and Lazaropole give a feeling like time has stopped to move there centuries ago. They are perfect for weekend getaways from the city crowd. Small towns like Krusevo, Berovo, Struga as well, there are plenty of fantastic places to go, and enjoy natural beauty combined with welcoming people and good food.
Lakes like Ohrid, which is a UNESCO world heritage site is one of the oldest lakes in Europe, or Doiran lake which is on the South of the country close to the border with Greece, and Matka and Kozjak lake which are quite close to the capital Skopje.Cultural heritage, a great cultural heritage. Macedonia is land of diversity, and has changed hands countless times throughout the millennia. From the ancient kingdom of Macedon throughout the ruling era of Roman and Byzantine Empire, to the era of Ottomans rule, to becoming a part of Yugoslavia, and finally reaching its independence in 1991.There are more than few cultural sites to be seen in Macedonia.
Wine production is actually a huge deal in Macedonia, there are several big wine manufactures like Tikvesh for example, and quite a few small ones. Some of the winners are very beautiful, and they can be a perfect weekend retreat.
Easy going life, Macedonians even have a word for it “poleka, poleka” and its translated “easy, easy” which means there is no hurry in anything, and I mean literally there is no hurry in anything. This is a huge factor in everyday life of every Macedonian, there is no need for anything to be done fast or in a hurry, period.
I would definitely recommend exploring more about Macedonia history, heritage, and culture. I am absolutely sure that you will be surprised at what this tiny country in the SouthEast of Europe can offer. This is not subjective nor local opinion, I am not Macedonian by nationality , I have been living here for only two years, however I am hugely impressed and surprised by this country and the people.
Macedonia Real Estate - 3 Best Options
Skopje Real Estate Market
As a capital, and the biggest city (approximately one third of Macedonians live in Skopje), the Skopje Real Estate Market carries the biggest potential.
There are several large residential projects and the whole city is one big construction site. I urge you to read our article Skopje Real Estate Market – ROI, prices & trends to have a detailed understanding about the potential of it.
Ohrid Real Estate Market
I would also like to introduce you to the Ohrid Real Estate Market. Ohrid is a small town nested on the Ohrid lake not far from the Albanian border, and it’s the biggest tourist center in Macedonia. Lake Ohrid is listed as a world heritage site by UNESCO.
Ohrid just might be a great solution if you are looking to relocate or to retire on a beautiful, historical place on the lake, and with that you don’t want to break your bank. Please read Ohrid Real Estate – The best place to retire, could it be?
Hidden Potential
This is actually the part that attracted me personally the most. Everything is kind of hidden here. In my opinion the whole country operates on less than 10% of its true potential for tourism.
With this kind of natural beauty not many countries in Europe can match. Mountains, Ohrid and other lakes, and some villages like Lazaropole where wild horses roam through the village have enormous potential for large scale hotel and resorts projects.
Current problem is infrastructure, however the government is working intensively on those problems (there are several ongoing capital projects) and it’s expected that they will be resolved in the nearest future, which will allow Macedonia to grow to its full potential.
Skopje Real Estate for Sale
There are plenty of options in Skopje, the market is alive and self-sufficient, as a matter of fact construction companies can’t keep up with the demand, and there are plenty of opportunities in the older constructions. We recommend first to check our articles – Skopje Real Estate ROI, Prices & Trends so as The Best Neighborhoods to Buy Apartment in Skopje where we break down prices for each neighborhood per square meter with its potential for rent income, and of course be sure to check our list of available Apartments for Sale in Skopje.
Skopje Real Estate Rentals
There are plenty of options in Skopje for rental as well. From small one bedroom apartments, to the luxury apartments and villas, you can find anything that you wish for in Skopje. It is also important to understand the advantages and disadvantages of every neighborhood in Skopje.
Here is our article about Best Neighborhoods in Skopje to Rent Apartment, there you will find every information needed. From the average rent price for property to the understanding which neighborhoods are more “youngsters” oriented, which are family friendly and which are locally more focused.
Here is our list of available apartments for rent in Skopje.
Can Foreigners Buy Property in Macedonia
Yes and no, if yes it’s a pretty much straight forward procedure. For all citizens whose countries are members of EU or OECD, yes, and there is one more thing that Macedonia has that is called “Reciprocity Law” meaning that if Macedonian citizens are allowed to own a property in a certain country, the citizens of that certain country are allowed to own a property in Macedonia as well. There are several more important conditions, for that please read the article that goes through the step by step process of How Foreigners Can Buy Property in Macedonia.
For the End
Regardless of whether you plan to invest in Macedonia, or to relocate temporarily or permanently, this country will stun you at first sight. Regardless if you are thinking of potential ROI, or about easiness, peace and tranquility of life here, cultural heritage of the country, whatever your thoughts are, and if they are still there there is a very small chance that Macedonia will disappoint you, so go for it.
Best regards,
Ivan Radisavcevic SQUARE – CEO
Disclaimer:
The information provided on this blog is for general informational purposes only and does not constitute professional financial, legal, or real estate advice. The content is based on personal opinions and experiences and may not apply to your specific situation. Every situation has its own unique aspects. While we strive for accuracy, we do not guarantee the completeness or timeliness of the information provided. For personalized advice, please consult with us directly. Please note that this blog advertises our real estate agency and its services in general and is not tailored to specific needs.
