The President of the Construction Association at the Economic Chamber, Andreja Serafimovski, appearing on "Top Tema" on Telma TV, said it is too early to forecast whether apartment prices will stabilise or keep climbing. He pointed to a detail that is anything but a detail - the index is calculated from listed prices, not from prices at which apartments are actually sold.

When the apartment price index is built on listed prices rather than realised ones, a serious question opens up - are we getting a real picture of the market, or a market perception that quietly inflates the value of capital?

A listed price is not a sale price. It is the seller's wish, expectation, or strategy. If prices like that become the foundation for indexes, valuations, and analyses, it is easy to manufacture a picture of constant growth and rising costs - even when actual transactions tell a very different story.

In practice, the listed price is often higher than the price at which the apartment actually sells, after negotiations, discounts, and market corrections. An apartment listed at €120,000 may realistically be sold for €105,000 or €110,000.

In a system like this, room opens up for distorted perceptions, and some will go further and talk about "ordered valuations" that conveniently keep the value of capital propped up - especially in the real estate market.

This methodology creates the risk that the index artificially shows price growth and gives a distorted picture of the real estate market.

The question is simple: if apartments really are selling at those prices, why is the index not based on real contracts, notarial transactions, and realised payments?

Because the listing does not make the market. The market is made by the buyer who actually paid.