GLOSSARY
What do these terms mean?
Short, plain-language definitions for the terms, concepts, and sources that appear on the dashboard.
Cadastre terms
- TRANSACTIONS vs SALES
- Transactions = everything registered with the Cadastre (sales + rentals + RM purchases + auctions). Sales (kupoprodazhbi) cover only the sales side, not rentals.
- SALES FROM DEVELOPER
- First sale of a newly built unit (A2 = apartment, A3 = house, etc.). Often called "novogradba" (new build).
- OLD BUILD (RESALE)
- Resale - an apartment previously owned by a private individual or company.
- AUCTION
- Public-bid sale, usually for forced execution against a debtor or in bankruptcy.
- RM PURCHASE
- Property purchase by the Republic of Macedonia - typically for government use or social housing.
- RENTAL
- Registered lease contract (apartments, offices, land). Tracked separately by the Cadastre.
Statistical concepts
- PRICE INDEX (2010 = 100)
- A relative measure: 2010 = 100. An index of 199 means average prices are roughly double the 2010 baseline.
- NOMINAL vs REAL
- Nominal values are headline cash prices. Real values are inflation-adjusted, showing true purchasing power over time.
- QoQ
- Quarter-over-quarter change (e.g. Q1 2026 vs Q4 2025). Captures short-term moves in the market.
- YoY
- Year-on-year change (e.g. Q1 2026 vs Q1 2025). Cancels out seasonal effects.
- WEIGHTED AVERAGE
- The Skopje average is computed by weighting each municipality by its transaction count - larger municipalities pull more weight.
Data sources
- АКН - Cadastre
- Agency for Real Estate Cadastre of the RM. Maintains the "Registry of Prices and Rents" - the only official source for actual transaction data.
- NBRM
- National Bank of the Republic of Macedonia. Publishes the quarterly Skopje residential price index, built on Cadastre data.
- BIS
- Bank for International Settlements (Basel). Collects and publishes international residential price indices, including the Skopje series.
- FRED
- Federal Reserve Economic Data (St. Louis Fed). Public database that mirrors BIS series with a free API for programmatic access.
Units
- MKD/m² · EUR/m²
- Price per square meter. Denar values are converted at a fixed rate of 61.5 MKD = 1 EUR.