Total Area: 25,713 km²
GDP (in billion USD): 10
Macedonia, officially the Republic of Macedonia, is a country located in the central Balkan Peninsula in Southeast Europe. It is one of the successor states of the former Yugoslavia, from which it declared independence in 1991.
Macedonia has been recovering from the crisis. New dwellings in Skopje, Macedonia's capital, saw 16.6% price rises during the year to H2 2010 (12.3% after inflation), according to the State Statistical Office, after an 7.83% drop in prices of new dwellings during the year to H2 2009 (a fall of 6.40% after inflation). The year before the crisis, 2008, was a boom year, with a 27% house price rises in Skopje (22% after inflation), as foreign interest surged and the country gained confidence.
Despite rapid growth in household lending since 2003, outstanding housing loans were still only 1% of GDP in 2007. In 2010, loans for house purchases were 18% of total loans granted to households. Foreigners from countries which grant reciprocal rights can buy residential property in Macedonia, subject to approval from the Ministry of Justice, but landed property is somewhat more complicated.