Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in GCC is experiencing significant growth and development in recent years. Customer preferences in the Residential Real Estate Leases market in GCC are driven by several factors. Firstly, there is a growing demand for residential properties due to population growth and urbanization in the region. As more people move to cities for employment opportunities, the need for housing has increased. Additionally, there is a preference for modern and well-equipped properties with amenities such as swimming pools, gyms, and parking spaces. Customers are also looking for properties that offer a good location, close to schools, shopping centers, and other essential services. Trends in the market show a shift towards more flexible lease terms. Short-term leases and serviced apartments are becoming increasingly popular, especially among expatriates and young professionals who prefer the flexibility of not being tied down to a long-term contract. This trend is also driven by the transient nature of the expatriate population in the GCC, with many individuals moving to the region for a few years for work assignments. Additionally, there is an increasing demand for furnished properties, as tenants seek convenience and ease of moving in without the hassle of buying or transporting furniture. Local special circumstances in the GCC region also contribute to the development of the Residential Real Estate Leases market. One such circumstance is the significant presence of expatriates in the region. The GCC countries have a large expatriate population, with many individuals coming from different parts of the world for work. This creates a diverse demand for residential properties, with varying preferences and requirements. Additionally, the GCC countries have implemented various initiatives to attract foreign investment in the real estate sector, such as offering long-term residency permits and easing regulations for property ownership by foreigners. These initiatives have further fueled the demand for residential real estate leases in the region. Underlying macroeconomic factors also play a role in the development of the Residential Real Estate Leases market in GCC. Economic growth and stability in the region have led to increased disposable income and purchasing power among residents. This, coupled with low interest rates, has made real estate an attractive investment option for both individuals and institutional investors. Additionally, the GCC countries have implemented economic diversification plans to reduce their dependence on oil revenues, leading to increased investment in sectors such as tourism, hospitality, and infrastructure. These developments have further boosted the demand for residential real estate leases as the region attracts more tourists, business travelers, and expatriate workers. In conclusion, the Residential Real Estate Leases market in GCC is witnessing significant growth and development driven by customer preferences for modern and well-equipped properties, a shift towards more flexible lease terms, the presence of a large expatriate population, and favorable macroeconomic factors. These trends and circumstances have created opportunities for investors and developers in the region's real estate market.
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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