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EUR 300 million invested in apartment buildings.

In 2012, a total of 14 apartment buildings were built, namely double the number compared to the previous year. A total of 6,443 apartments which is 1,180 apartments more compared to 2011 were built in 2012.

According to data of the State Statistical Office, the construction companies invested around 300 million euro in one year. Apartments are being built more in Macedonia although according to unofficial data, there are around 5,000 new unsold apartments on the market.

Despite this, the price of the apartment square meter does not drop on national level either and last year it totaled 810 euro which is 0.4 percent less than last year. In Skopje, which has the biggest demand and where most apartments are built, the selling price totaled 952 euro.

Analyses show that the most interesting location to investors is still Skopje, followed by the Polog region and eastern Macedonia. A total of 2,231 apartments were built last year in Skopje, most of them in Karpos, Centar, Gjorce Petrov, Gazi Baba and Sopiste.

Ohrid is next on the list with 579 apartments and Kumanovo with 394 apartments. Most of them are three bedroom apartments while one-bed apartments were built the least.

According to data of the National Bank of Macedonia, in the second and third quarter of 2012, the average price of apartments in Macedonia dropped by 1.3 percent in the period of April and June. Bearing in mind that over 30 percent of the built apartments remained unsold last year, expectations of construction companies are that this year the gap between the offer and demand will be even bigger. According to calculations, around 350 million euro is the total value of the new apartments that are currently built and which remain unsold.

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Title Annotation:CONSTRUCTION
Publication:Macedonian Business Monthly
Geographic Code:4EXMA
Date:Dec 1, 2013
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