Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Bulgaria has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for the growth in the Residential Real Estate Leases market in Bulgaria is the changing preferences of customers. More and more people are opting to rent rather than buy properties, as it provides them with greater flexibility and less financial commitment. Additionally, the younger generation, in particular, is more inclined to rent as they prioritize mobility and the ability to live in urban areas close to their workplaces and social amenities.
Trends in the market: The increasing demand for rental properties has led to a rise in the number of real estate developers and investors focusing on the residential rental market. This has resulted in a greater supply of rental properties, offering a wide range of options to potential tenants. The market has become more competitive, with landlords offering attractive amenities and services to attract tenants. This includes furnished apartments, access to communal facilities such as gyms and swimming pools, and the inclusion of utility bills in the rental price.
Local special circumstances: Bulgaria's growing popularity as a tourist destination has also contributed to the growth of the Residential Real Estate Leases market. Many property owners are choosing to rent out their homes or apartments to tourists during peak seasons, creating additional rental opportunities. This trend has been further accelerated by the rise of online platforms that connect property owners with potential tenants, making it easier for both parties to find suitable rental properties.
Underlying macroeconomic factors: Several macroeconomic factors have also played a role in the development of the Residential Real Estate Leases market in Bulgaria. The country's stable economic growth, low cost of living, and relatively low property prices compared to other European countries have made it an attractive destination for investors. Additionally, favorable government policies and incentives have encouraged both local and foreign investment in the real estate sector. These factors have created a conducive environment for the growth of the Residential Real Estate Leases market in Bulgaria.
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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