Friday, 22 June 2018 | News today: 18

Market saturation blamed for large drop in new real-estate transactions


According to statistics published on Thursday, the sale of apartments in the first three months of the year dropped significantly, while the prices remained steady, In the first three months of the year, the number of new real-estate transactions dropped by 51,4 percent compared to the same period in 2016.

Only 2.590 new transactions were reported, and out of them, only 51 were for newly built apartments. January saw only 613 transactions, which is a record low for the Cadastre Office. Almost 80 percent of these transactions were sales, with the rest being leases.

“We believe that this serious drop is mainly due to the saturation with newly built apartments and the firmly held prices”, Cadastre Office director Slavce Trpeski said at a press conference.

The Cadaste lists about 3.000 unsold new apartments available across Macedonia, while 8.770 more are under construction. Meanwhile, prices remain firm and in downtown Skopje the average price for a square meter is about 750 EUR, while in immediate eastern area of Aerodrom it goes up to 850 EUR, and even to a 1.000 EUR in the western area of Karposh. Prices also held steady in Strumica, Kumanovo and Ohrid, while Bitola saw an increase in real estate prices.