Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Cyprus has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing demand for rental properties in Cyprus. Many people are choosing to rent rather than buy a property, as it offers them more flexibility and freedom. Renting allows individuals to move around more easily and is particularly popular among young professionals and expatriates who may not want to commit to buying a property in Cyprus. Additionally, renting a property can be more affordable in the short term, as it eliminates the need for a large down payment and mortgage payments.
Trends in the market: Another trend in the Residential Real Estate Leases market in Cyprus is the rise of short-term rentals and vacation rentals. With the increase in tourism in the country, many property owners are choosing to rent out their properties on a short-term basis to tourists. This trend has been further fueled by the rise of online platforms such as Airbnb, which make it easier for property owners to advertise and rent out their properties to a global audience. Short-term rentals can be more profitable for property owners, as they can charge higher rates during peak tourist seasons.
Local special circumstances: One of the unique aspects of the Residential Real Estate Leases market in Cyprus is the presence of a large number of foreign investors. Cyprus offers attractive investment opportunities for foreign buyers, particularly in the luxury real estate sector. Many foreign investors are choosing to purchase properties in Cyprus and then rent them out to generate rental income. The influx of foreign investors has contributed to the growth of the rental market in the country.
Underlying macroeconomic factors: Several macroeconomic factors have also contributed to the growth of the Residential Real Estate Leases market in Cyprus. The country has experienced a strong economic recovery in recent years, following the financial crisis in 2013. This has led to an increase in disposable income and consumer confidence, which in turn has fueled demand for rental properties. Additionally, low interest rates and favorable lending conditions have made it easier for individuals to access financing for property purchases, further driving demand for rental properties.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
