Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Eastern Africa is experiencing significant growth and development in recent years. Customer preferences in the market are shifting towards renting rather than buying properties. This is due to various factors such as changing demographics, urbanization, and the increasing mobility of the population. Young professionals and millennials, in particular, are more inclined to rent instead of committing to long-term mortgages. Additionally, the rising cost of homeownership, including high property prices and stringent lending conditions, has made renting a more attractive option for many individuals. Trends in the market indicate a growing demand for rental properties, particularly in major cities such as Nairobi, Dar es Salaam, and Kampala. The increasing urbanization and population growth in these cities have led to a shortage of affordable housing options, driving up rental prices. As a result, real estate developers and investors are capitalizing on this opportunity by constructing more residential rental properties to meet the growing demand. Local special circumstances also contribute to the development of the Residential Real Estate Leases market in Eastern Africa. For instance, the region's political stability and economic growth have attracted foreign investors who see the potential for high returns on their investments. Additionally, the presence of multinational corporations and international organizations in the region has led to an influx of expatriates who prefer to rent properties rather than purchase them. Underlying macroeconomic factors also play a significant role in the growth of the Residential Real Estate Leases market in Eastern Africa. The region's strong economic growth, driven by sectors such as manufacturing, services, and agriculture, has resulted in an increase in disposable income and purchasing power. This has enabled more individuals to afford rental properties and contributed to the overall demand for residential real estate leases. In conclusion, the Residential Real Estate Leases market in Eastern Africa is experiencing rapid growth and development due to shifting customer preferences, increasing demand for rental properties, local special circumstances, and underlying macroeconomic factors. As the region continues to urbanize and attract foreign investment, the market is expected to further expand in the coming years.
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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