National Bank eases access to first homes, tightens rules for second properties

The National Bank of North Macedonia announced a package of macroprudential changes that will make it easier for first-time buyers to obtain mortgage loans while tightening lending conditions for purchases of second and subsequent homes. The measures are scheduled to take effect on 1 December 2026.

Governor Trajko Slaveski said the central bank aims to preserve financial stability and to protect households from excessive indebtedness, while continuing to support sustainable borrowing for those resolving their housing needs for the first time.

Key features and timing

Under the new rules, people who do not own a house or apartment may qualify for a mortgage with a minimum own contribution of 10 percent of the property value if they meet the prescribed conditions; other borrowers will still need at least 25 percent down. The easing for first-time buyers builds on measures introduced in December last year, after which loans for first-home purchases grew to about 25 percent of all approved housing loans.

"That benefits people and households on the demand side of the housing market. Their bargaining power increases and they can negotiate a lower price," Slaveski said.

Banks on the market have responded with more competitive offers: initial fixed rates as low as 2.9 percent for the first five years are available, while other fixed-rate offers typically range between 3 and 3.45 percent. Lenders also advertise exemptions from some fees, longer fixed-rate periods or special packages for young families, but experts warn borrowers to compare total costs and terms after the fixed period expires.

At the same time, the National Bank will tighten conditions for second and subsequent properties. From 1 December the maximum maturity for loans used to buy a second or additional home will be reduced from 30 to 25 years, while first-home loans may still be granted with maturities up to 30 years. Governor Slaveski noted that about half of newly approved loans this year have maturities longer than 25 years.

Data from the first half of 2026 show household loans grew by 12.2 percent year‑on‑year, and housing loans rose by 16.6 percent. Around half of newly sold apartments are purchased with cash. The 2021 census recorded more than 307,000 empty apartments — 36.6 percent of the housing stock — with the highest concentrations of vacant dwellings in Skopje’s Centar and Karpoš municipalities.

Photo: press material from the event