Under the Communist Yugoslav rule, Macedonians were not allowed to own their own homes. When independence came about in 1991, a mass privatisation began and people were allowed to inherit or purchase their own homes. This instigated a minor boom in the property market, with many houses and apartments being snapped up for very low prices indeed – some astute businesspeople surely made a few bucks form this endeavour. In recent years the Macedonian have implemented more liberalising reforms to property laws to make it easier for foreigners to invest, though these reforms are proving slow to implement thanks to inefficient systems in place and inadequate land registry. Nevertheless, the country is moving towards encouraging foreign investment.

It should be noted that as a former Communist state, Macedonia is subject to the same potential pitfalls as other former Communist countries and all land titles should be checked in detail by more than one independent party to ensure legality of ownership, as reclamations can be lost and confused over time.