If you have already read our article about ROI & trends of Skopje Real Estate Market, now is the time for you to choose the best Neighborhood for your next potential investment. If you missed that article, it is highly recommended to read it before continuing.
Skopje apartments for sale – what are the available locations? Location is as always the key, however the type of the property, year of construction and several additional factors will play major roles as well. In this article with those additional factors I will inform you of the cost for each area per square meter, average rent price, and I will introduce you to the property buying procedure for foreigners in Skopje. For the end I will give you information on what is the cost of living in Skopje. Let’s start..
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Skopje Apartments for Sale - Types
Although you may find any type of apartment for sale in Skopje from studios to lofts, the most important thing is to pay attention to the condition of the apartment and year of construction. This seems obvious, but it is not – the Skopje apartment market has its own rules on which you MUST pay attention. For example, comfort doesn’t play a big role.
The basic division would look like this; Skopje apartments for sale that are located in new buildings, apartments that are located in old buildings, but they are renovated, and apartments located in the old buildings that require renovation – the last could be considered as an opportunity in most of the markets, if not all, however here in most of the cases isn’t. Let’s go step by step.
Apartments in New Buildings
Apartments in most of the new buildings will have something around 40-44 m2 one bedroom apartments, 56-65 m2 two bedroom apartments, and 77+m2 three bedroom apartments. They are quite small and they don’t provide too much of a comfort. For example in plenty of cases you will go straight to the kitchen from the entrance door.
There is also another type of apartment which is usually located in smaller buildings, usually 2-3 floors buildings, each floor has one unit with area of around 120ish m2. In most cases those apartments go into the luxury category.
Skopje apartments for sale that are located in new buildings are easier to liquidate and to rent out, regardless of the size and comfort level.
Apartments in Old Buildings
Old building but apartment is renovated
Here it really depends on the conditions of the building, not just just on the condition of the apartment itself. If the building is in good shape, the sale will not be that difficult and it could be quite a good investment. This type of apartments for sale in Skopje can be easily rented as well. Advantage of these buildings is the layout of those apartments and the size. Usually one bedroom apartment will be between 55-60 m2 and a two bedroom apartment will usually be between 75 to 100 m2. They are definitely more comfortable than the apartments in most new buildings.
Old building and apartment needs renovation
This might not be the greatest choice, renovation process could be an extensive and nerve breaking process, and if the building itself is in poor conditions this is a big no no. If you have experience in renovations, the building is in good shape, it is well located, in that case by all means go for it! Especially if you are aiming for something that is 70-80+ m2 in size.
Skopje Top Locations to Buy Apartment
There are some areas that are in the highest demand, some other areas that are in high demand, but might not be the best choice, and there are a couple of areas that are up and coming. Let’s go one by one.
Apartments for sale in Skopje City Center are by far in the highest demand
Debar Maalo (Part of the Center Municipality)
Karpos (Kind of a City Center)
Aerodrom (The Biggest Municipality)
Vodno (The Most Luxurious Area)
Kisela Voda (Strongest Potential)
Gazi Baba (Up And Coming)
Kozle, Taftalidze and Kapistec (Cool, but might not be the best choice)
City Center / Debar Maalo
Main advantage; Skopje is the forth Europe’s capital in which I have lived in, and I have visited the most of World’s capitals – Skopje city center is probably something like you have never seen before. From one side you will have Old Skopje Bazaar, a cultural heritage from the time of Ottoman empire, from the other side you will have socialists buildings from the times of Yugoslavia, and somewhere in between you will have buildings on which government have spent about half a billion dollars to claim the cultural heritage of Alexander the Great. The area is packed with bars, restaurants and hotels, including the most luxurious hotel in Skopje – Skopje, Merriott.
Not far from the main square you will find Debar Maalo. An absolutely fantastic bohemian quarter of Skopje. This just might be my favorite area of the city. It is packed with restaurants, bars, cafes and kafanas. Kafana is a national Macedonian restaurant, Macedonians adore it, and you should do you. The food in those places is fantastic. Additional advantage is that City Park is quite close and big, a perfect place to spend an easy Sunday morning, take a walk, and just to enjoy coffee on the bench.
Purchasing price: from 1.600€ (rare find old construction) to around 2.200€ and up to 3000€ for premium locations like Skopje Diamond. Typically smaller apartments have a slightly higher price per square meter than the bigger ones (this is applicable for all areas of Skopje), also some streets will be in a higher demand than some others
Rental prices: this could go quite crazy, it really depends on many factors however, the rule of the thumb should be around 10€ per square meter and about 50€ plus in case that apartment has a parking spot. This will also depend on the look and feel of the apartment, we have cases of premium one bedroom apartments going for 15€ per square meter (huge terrace, luxury furniture, premium building etc…), and we also have cases of renovated apartments in old buildings, well located, reaching the values of new constructions. In these two areas rentals can reach up to 1.200€ for 100 to 120 m2 apartments.
Type of rental clients; Mainly foreigners.
Karpos (City Center Outside of the City Center)
Main advantage; Karpos is kind of considered as the city center by the locals, or at least part of it, and there is a good reason for that. Karpos borders Debar Maalo. Where Debar Maalo stops, Karpos continues. So all the noise of the city center and bohemian quarter is just one block away, however Karpos is much more different, in a good way.
Karpos is full of greens, kind of a small park.There are old buildings, new constructions, and in many places between them are small parks, perfect for taking the kids out, walking dogs, or just enjoying walking by yourself. And in between you will find some of the best restaurants in Skopje, small cafes, schools, supermarkets, and Skopje City Mall. It is probably the best place in Skopje to settle a family.
Purchasing price: from 1.400€ (rare find old construction) to around 1.800€, although we had cases of reaching nearly 2.000€ per square meter for a premium building, fully luxury furnished apartment.
Rental prices: General rule of the thumb should be around 8-10€ per square meter and about 50€ plus in case that apartment has a parking spot, however parking will not play a such a major role here like in Center, or Debar Maalo because Karpos is a parking free zone.In Karpos rentals can reach for luxury properties up to 1.200€ for 100 to 120 m2 apartments
Type of rental clients; Mix of locals and foreigners, foreigners will typically go for bigger and more expensive properties.
Aerodrom
Main advantage; It is the largest municipality of Skopje, and due to its size apartments for sale and rent are in consistent demand. It is also hosting one of the biggest residential projects in this part of Europe – Cevahir Sky City. Four residential towers, each 40 floors high.
Purchasing price: from 1.300€ (rare find old construction) to around 1600€, although fully luxury furnished apartments can reach 1800€ if the apartment is fully luxury furnished, also some parts of Aerodrom will be in a higher demand than some others (Aerodrom is quite large, and some areas are bordering city center)
Rental prices: Typically should be around 8€ per square meter and about 50€ plus in case that apartment has a parking spot, however there are some instances where it could reach 10€. Usually the best properties can go up to 600-700€ monthley.
Type of rental clients; Mainly locals, although the foreigners are no strangers to it.
Vodno (Up on the Hill)
Main advantage; Quote luxurious part of Skopje.It is located on the hill overlooking Skopje. Most of the embassy’s residences are located in this area.Stunning views.
Purchasing price: Different price ranges, however you should pay attention to only one type of property here. Luxury apartments of 100+ m2 with fantastic views of Skopje, and they will go from 1,600 to 1,800€, although they can go above that amount as well. You should not take too much of an interest in smaller units.
Rental prices: As I said when it comes to Vodno you should aim for luxury property and they go for around 900 to 1.200€ per month.
Type of rental clients; Diplomatic staff, managers of international corporations, private entrepreneurs are the majority of clients.
Kisela Voda / Gazi Baba
Main advantage; Kisela Voda, while it’s very unpopular among locals, however this municipality is still hosting one of the most luxurious buildings in Skopje, Flatiron.Thing is, Kisela Voda is bordering the city center, some parts of it are 5 minutes walk to it, while some other parts are quite far from it. The key is to source out an apartment in the right location, and you may enjoy the advantages of living in the city center or rent at a significantly lower price.
Gazi Baba, it is located at the end of municipality Aerodrom, it is packed with the new constructions,and it is still quite affordable to buy. The whole area is undergoing the complete reconstruction, and this part of Skopje might have the highest potential for the future.
Purchasing price: Kisela Voda from about 1,200 to 1.500€, Gazi Baba around 1.300€
Rental prices: Anywhere from 350 to around 500€ for a two bedroom apartment, with the exception of Flatiron building where rents are from 450€ for one bedroom apartment, to 1200€ for luxury apartment.
Type of rental clients; Mainly locals, with the mix of foreigners.
Kozle / Taftalidze / Kapistec
Main advantage / disadvantage; All three areas are considered to be the central part of the city, they are very beautiful, apartments for sale are in huge demand, however there is not such big demand for rentals.
While it might be easy to liquidate an apartment, it is very difficult to reach a reasonable rent price compared to the amount invested, because the purchasing price is quite close to the purchasing prices of Center and Karpos, and at the same time rental prices are quite lower due to the lack of demand.
So it might be easy to liquidate the apartment in these areas, however ROI through the rent will not justify your decision in purchasing it which in the long run will decrease your overall ROI..
Purchasing price: From about 1,600 to 2.000€.
Rental prices: Anywhere from 300 to around 800€ for large luxury apartments, with the exception of Kozle where luxury apartments due to the proximity of several embassies can reach 1200€.
Type of rental clients; Mainly locals.
How Can Foreigners Buy Property in Skopje?
In North Macedonia there is a law that is called “Reciprocity Law” meaning that if North Macedonian citizens are allowed to buy a property in a certain country, the citizens of that certain country are allowed to own a property in North Macedonia as well. If your country is on the list, It’s a straightforward procedure. Here is the article that goes through the step by step process of How Foreigners Can Buy Property in Macedonia.
Cost of Living in Skopje
While this could be quite subjective due to the fact that we all have different needs and desires, I will give you some general examples.
Housing; Utility bills are about 60 to 150€ per month depending on the type of heating and the size of the apartment, and annual property tax is neglectable.
Healthcare: Public healthcare in Macedonia is free, and there are plenty of private clinics with more than reasonable prices compared to the rest of Europe.
Education: Public schools are free, University fees are among the lowest in Europe.
Groceries: Meat is between 7 to 9€, bread around 1$ or less, rice about 2€, vegetables from 20-30 cents to a couple of euros, fruits around a couple of euros, and exotic ones depending on the season can be 4-5€, you get the picture. If you are using specialized stores these prices can go 50 to a 100% up. You can also save additionally by buying on the city’s main green market, quality of products there will also be more than satisfaing. You might want to avoid smaller green markets, pricing and quality in most of the cases do not keep up.
Clothing: Like in any mall in Europe, you will see pretty much the same brands here as well. It looks to me that prices are a bit higher, and that the quality is a bit downsized, but that is my personal oppinion.
Entertainment: In case you plan to go out, coffee will be from 1.5€ to 2€, it’s the same for sodas and mineral water. Launch for two should be around 20 to 50€ for two depending on the establishment. And drinks can go from about 1.5 to 2€ for beer, 3-5 for whisky and from 10€ for a bottle of wine. Of course their prices can also be higher depending on the place where you will go.
Also here here is a more detailed article about Cost of Living n Skopje.
For the End
Here is our complete list of apartments for sale that we can offer at the moment, and in case you need additional information please refer to our articles Skopje Real Estate ROI, or How Can Foreigners Buy an Apartment In Skopje.
I hope that this information helped you in your decision whether you should or should not buy an apartment in Skopje, and if you need additional information, or you have an inquiry please contact us on +389 76 912 972 or via email on office@square.mk.
Kind 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.
