The average square metre in Skopje sold for 740 euros back in 2019. Today, in the central parts of the city, that figure has jumped to over 3,000 euros. At the same time - apartment sales in the first quarter of 2026 fell by 27%. Prices are rising, sales are dropping. What kind of economy is that?

It's a crisis-bubble economy. The housing market in Macedonia has become investment-driven, not consumer-driven. The rich are buying - not to live there, but to park their money during an inflationary period. The poor watch as the square metre slips out of reach of any working-class wage. The middle class? Stuck in between - can't buy, can't keep paying rent either.

The hard numbers: the most expensive sale in the first quarter was in Kisela Voda - a 45 m² flat for 130,000 euros. That's 2,888 euros per square metre. For that money in 2019 you could buy a three-bedroom flat in the same district. Today - a two-bedroom.

The breakdown by municipality shows exactly how far Skopje's centre has pulled away from the rest. Centar averages 1,692 euros per square metre. Aerodrom - 1,558 euros. Karpoš - 1,419 euros. And those are all „averages" - the real high-end listings are above 3,000 euros. For an average flat in Centar, you need four average net salaries for a single square metre.

The rental market follows the same trend. Monthly rents of 350 to 600 euros for a 50-60 square-metre flat are now standard. With an average salary of 30,000 denars (about 480 euros), the flat eats half of the income. That isn't sustainable for anyone except couples where both partners work.

Why are sales falling? Because the buyers are exhausted. Those who wanted to invest already have. Those looking for a home to live in can't afford it. And so prices stagnate - but they don't drop, because sellers refuse to sell at a loss.

Construction is also slowing. 712 newly built flats were registered in the first quarter - 29% fewer than in the last quarter of 2025. 28,013 units are still in reserve - in preparation for future construction, but with no cancellation of contracts because nobody is willing to buy at these prices.

For Skopje, this is the story of a city becoming inaccessible to its own residents. The emigration toward Bulgaria, Germany, Italy - is peaking precisely because of this. When a young Skopjan can't afford a flat in the city where his parents lived, that breeds political disillusionment. It's the quiet reason so many vote for parties that don't help - because nobody helps.

Will any of this change? Without a state policy on affordable housing, without taxing empty investment flats, and without more accessible rentals on the market - no. Prices will stay in their range, sales will keep shrinking, and young Skopjans will keep buying one-way plane tickets.