Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in ASEAN is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the ASEAN region are shifting towards renting residential properties rather than buying. This is driven by various factors such as changing lifestyles, increased mobility, and the desire for flexibility. Renting provides individuals with the freedom to move and explore different areas without the commitment of purchasing a property. Additionally, the rising cost of homeownership and the burden of mortgage payments are pushing more people towards the rental market. Trends in the market show an increasing demand for rental properties in key ASEAN countries. Urbanization and population growth are driving the need for more housing options, especially in major cities. As more people migrate to urban areas in search of better job opportunities and a higher standard of living, the demand for rental properties continues to rise. This trend is further fueled by the growing number of young professionals and expatriates in the region. Local special circumstances in each ASEAN country also play a role in the development of the Residential Real Estate Leases market. For example, in Singapore, the government has implemented measures to cool down the property market, making it more difficult for individuals to purchase homes. This has led to an increase in demand for rental properties as an alternative. In Thailand, the rise of the sharing economy and the popularity of platforms like Airbnb have created opportunities for property owners to lease their homes on a short-term basis, catering to tourists and business travelers. Underlying macroeconomic factors are also contributing to the growth of the Residential Real Estate Leases market in ASEAN. Economic growth and stability in the region have led to an increase in disposable income, allowing more people to afford rental properties. Additionally, low interest rates make it more attractive for individuals to invest in real estate, both for rental purposes and capital appreciation. Overall, the Residential Real Estate Leases market in ASEAN is thriving due to shifting customer preferences, increasing demand for rental properties, local special circumstances, and favorable macroeconomic factors. As the region continues to develop and urbanize, the rental market is expected to further expand, providing opportunities for investors and property owners.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.Modeling approach:
Market size is determined by a 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 considered at a country-specific level.
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