REAL ESTATE IN NORTH MACEDONIA
Skopje, the capital of North Macedonia is the political, administrative, and commercial center considered as hub of the country and focal point of domestic and international investors. CRE sector is growing strong, with noted activity in all market segments and institutional international investors placing interest in development activities.
The residential segment is considered as the most dynamic real estate segment in the last 15 years in North Macedonia with risen transactions volume y-to-y basis. The sought-after second homes are highly attractive as well.
Retail market is dominated by shopping centers, reaching 247 sq. m GLA per 1000 inhabitants. In cities other than the capital, where the quantity of retail space is limited, mid-term development plans are set on retail parks with the principal idea of first to come- first to close this specific asset class not yet developed.
The market is observing increased interest of local investors in partnership with international companies to invest in built-to-suit projects with opportunities for big scale industrial and logistics developments, while the office segment provides an attractive investment opportunity with emphasis on class A business premises.
Located in the heart of Skopje, FortonMKA`s office helps our clients to address these growing opportunities – both within the city of Skopje and throughout North Macedonia.
Why North Macedonia?
North Macedonia is geographically located in Western Balkans and covers 25.713 km2. According to the latest census the population of the country is 1.83 million. The country has strategic geographic location with access to cross roads connecting Western Balkans, CEE&EMEA.
The capital is Skopje, located in the northern part of the country with population of 526.502 inhabitants. Skopje at the same time is the largest city in the country and main economic, political, educational, cultural centre.
The economic performance of the economy of North Macedonia is expressed through stable GDP growth, a low inflation rate of 2% on average in the past 10 years, fiscal discipline confirmed by international financial institutions and well-functioning coordination between fiscal and monetary policy.
North Macedonia’s legal and regulatory framework is generally favourable to foreign investors and provides numerous incentives to attract them. Investors benefit from a ten-year tax exemption, free access to public services and accessible pool of qualified labour force. Lowest corporate income tax in the world is also an incentive for investors.
The government provides long-term lease period up to 99 years for land in the FEZ (Free Economic Zones) at concessionary prices, with free connection to LPG/LNG, water and sewage network.
North Macedonia is very attractive for manufacturing companies, out of which high percentage – 58 % is from automotive industry within the relevant segment. Business process outsourcing service such as call centers, customer support, IT services etc represent 36 % of the total take up in the office segment, highlighting the high-level potential for IT professionals.
Main industries that characterize the country are Automotive components, ICT, Agribusiness & Food processing, Textile & Apparel, Health Care & Medical Devices, Wine & Spirits.
What we offer
FortonMKA is the Exclusive Affiliate Partner of Cushman & Wakefield in North Macedonia comprising the largest team of real estate professionals on the market. We track and interpret the market trends and forecasts that affect the real estate environment for occupiers, developers, investors and landlords.
Our offices offer wide range of services for commercial real estate projects. Our consultants help clients in every stage of the real estate process, representing them in decision making, buying, selling, access to finance, leasing, managing and valuing assets, by providing strategic planning and research, portfolio analysis, site selection and space planning, property disposal and many other consultancy services tailored to each project specific needs.
With a proven track record, we liaise with some of the largest real estate investors, developers, tenants and occupants, both locally and internationally and bring them into What’s Next in the world of real estate.
Our prime services include:
- Market Research
- Valuation and Development Advisory
- Feasibility Study
- Capital Markets
- Project Management
We have dedicated teams who have delivered a demonstrable track record in advising on decisions in the following segments:
- Industrial and Logistics Agency
- Land Agency
- Office Agency
- Retail Agency
- Residential Sales