Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Bhutan has been experiencing significant growth and development in recent years. Customer preferences in the Bhutanese real estate market have been shifting towards modern and well-designed properties. Buyers are increasingly looking for residential properties that offer modern amenities and conveniences, such as gated communities, fitness centers, and recreational facilities. There is also a growing demand for properties that are environmentally friendly and energy-efficient, reflecting the country's commitment to sustainable development. Trends in the market indicate a rise in the construction of high-rise apartment buildings and condominiums. This is driven by the increasing urbanization in Bhutan, as more people move to cities in search of better job opportunities and a higher standard of living. The younger generation, in particular, is opting for apartment living due to its affordability and convenience. Additionally, the government's push to develop affordable housing projects has also contributed to the growth of the residential real estate market. Local special circumstances in Bhutan, such as the limited availability of land, have played a role in shaping the residential real estate market. With a mountainous terrain and a small land area, there is a scarcity of land for new construction projects. This has led to an increase in the development of vertical housing solutions, as developers maximize the use of available land by building upwards. Additionally, the government's strict regulations on land ownership and development have also influenced the market, ensuring that real estate development is carried out in a sustainable and responsible manner. Underlying macroeconomic factors have also contributed to the growth of the residential real estate market in Bhutan. The country's stable economic growth and increasing disposable income have made property ownership more attainable for a larger segment of the population. Additionally, the government's efforts to promote foreign direct investment and tourism have attracted foreign buyers and investors, further stimulating the real estate market. In conclusion, the Residential Real Estate market in Bhutan is experiencing growth and development due to shifting customer preferences towards modern properties, the construction of high-rise buildings, limited availability of land leading to vertical housing solutions, and favorable macroeconomic factors such as stable economic growth and increased disposable income. These factors, combined with the government's efforts to promote sustainable development and attract foreign investment, have created a positive environment for the residential real estate market in Bhutan.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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