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Buying a first home is no longer a lost cause, believe experts in the NBRM Central Bank, as their measures implemented since the beginning of December begin to facilitate the purchase of primary residences.
The new macroprudential measures for the quality of credit demand were introduced with the aim of preventive action, i.e. to maintain quality credit demand by households, and to prevent their possible over-indebtedness and thus to limit risks for the banking sector, which is particularly important in conditions of constant global uncertainty and a dynamic credit and real estate market. To this end, stricter lending criteria have been prescribed – the minimum down payment for a housing loan has increased from 15% to 25%, and the debt-to-income limits have been set at 50% for loans in denars. At the same time, easier conditions have been provided for first-time buyers of real estate for their own residence – a lower down payment of up to 10% and more favorable debt limits (55% for denar loans and 50% for loans with a currency component). The new measures have only recently been implemented, so it is still too early to assess their effects in a more comprehensive way. However, initial data for the first three months of 2026 indicate that they are working. Namely, in conditions of significant growth in housing prices, the availability of housing loans on the market for first-time homebuyers has been maintained, with nearly a quarter of the total approved housing loans being approved for the first purchase of a home, sources in the National Bank of Macedonia told Republika.
While the conditions for purchasing a first home have been eased, the conditions for purchasing a non-residential property, meant to be used as an investment, have become more difficult, and the data shows a slowdown in the trend of taking out loans for that purpose.
At the same time, the total number of individuals who took out housing loans has decreased by around 17% compared to the same period last year, which can be linked to the stricter lending criteria for loans that are not for the primary residence. The annual growth rate of housing loans remains stable for now, hovering around 15–16%. These are initial signals of a gradual stabilization of housing lending, with possible effects on the real estate market, but a longer period of monitoring will be needed for firmer conclusions.
According to the latest data on the real estate market, apartment prices continue to grow, but at a slower pace, and in the first quarter of 2026, on an annual basis, they are 16.7% higher, while on a quarterly basis the level is almost stable, i.e. it records a minimal growth of 0.1%. The slowed dynamics of the real estate market comes after a period of strong growth, when prices reached historically high levels, growing at a rate of about 25% annually in the previous two quarters (the data refers to Skopje and is calculated based on advertised prices). Despite the slowdown, the growth of apartment prices is still relatively high, which indicates the need to carefully monitor trends in the coming period as well