Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Eastern Africa has been developing at a steady pace in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the region have been shifting towards urban living, with an increasing number of people seeking modern and convenient housing options. This has led to a growing demand for residential real estate in major cities like Nairobi, Dar es Salaam, and Kampala. Customers are also placing a greater emphasis on amenities and infrastructure, such as access to schools, hospitals, shopping centers, and transportation hubs. Trends in the market indicate a rise in the construction of high-rise apartment buildings and gated communities. Developers are focusing on providing affordable housing options that cater to the needs of the middle-class population. This trend is driven by the limited availability of land in urban areas, as well as the desire for secure and well-maintained living environments. Local special circumstances, such as rapid urbanization and population growth, have contributed to the development of the residential real estate market in Eastern Africa. As more people migrate from rural to urban areas in search of better economic opportunities, the demand for housing has increased significantly. This has created opportunities for developers to meet the growing need for housing in the region. Underlying macroeconomic factors have also played a role in the development of the residential real estate market in Eastern Africa. Economic growth and stability in countries like Kenya, Tanzania, and Uganda have attracted both domestic and foreign investors to the real estate sector. Additionally, government initiatives aimed at promoting affordable housing and improving infrastructure have further stimulated the market. In conclusion, the Residential Real Estate market in Eastern Africa is developing due to customer preferences for urban living, trends in high-rise apartment buildings and gated communities, local special circumstances of rapid urbanization and population growth, and underlying macroeconomic factors such as economic growth and government initiatives. These factors have created a favorable environment for the growth of the residential real estate market in the region.
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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