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Residential Real Estate Leases - Guyana

Guyana

In Guyana, the Residential Real Estate Leases market market is anticipated to witness remarkable growth.
By 2024, the revenue is estimated to reach an impressive US$496.00m.
The dominant segment within this market is House Leases, which is projected to have a market volume of US$348.00m in the same year.
Looking ahead, the market is expected to exhibit a steady annual growth rate of 9.35% from 2024 to 2029 (CAGR 2024-2029).
As a result, the market volume is predicted to increase to US$775.50m by 2029.
The demand for residential real estate leases in Guyana is booming due to the country's recent oil and gas discoveries.

Key regions: Japan, China, Australia, Germany, United States

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Analyst Opinion

The Residential Real Estate Leases market in Guyana is experiencing significant growth and development.

Customer preferences: In recent years, there has been a growing demand for residential real estate leases in Guyana. This can be attributed to several factors. Firstly, there is a shift in customer preferences towards renting rather than buying property. This is driven by various reasons such as flexibility, affordability, and the desire to avoid the responsibilities of property ownership. Additionally, the younger generation is increasingly opting for rental properties as they prioritize mobility and the ability to live in urban areas close to their workplaces and amenities.

Trends in the market: One of the key trends in the residential real estate leases market in Guyana is the increasing availability of modern and well-equipped rental properties. Developers and investors are recognizing the potential of the rental market and are investing in the construction of high-quality residential buildings and complexes. These properties offer a range of amenities such as swimming pools, gyms, and 24-hour security, catering to the evolving needs and preferences of tenants. Another trend in the market is the rise of co-living spaces and shared accommodations. This trend is particularly popular among young professionals and students who are looking for affordable housing options and a sense of community. Co-living spaces provide shared living areas and amenities, allowing tenants to save on costs while enjoying a social and collaborative living environment.

Local special circumstances: Guyana's real estate market is experiencing a unique set of circumstances that are contributing to the development of the residential real estate leases market. Firstly, the discovery of oil and gas reserves in the country has led to an influx of foreign workers and investors, increasing the demand for rental properties. Additionally, the government's focus on developing infrastructure and attracting foreign investment has created a favorable business environment, further driving the demand for residential leases.

Underlying macroeconomic factors: The development of the residential real estate leases market in Guyana can also be attributed to underlying macroeconomic factors. The country's strong economic growth, driven by the oil and gas sector, has resulted in increased disposable income and improved living standards. This, in turn, has led to a higher demand for rental properties as individuals and families seek better housing options. Furthermore, the low interest rate environment has made it more attractive for individuals to invest in rental properties rather than traditional savings or investment vehicles. This has encouraged developers and investors to enter the residential real estate market, leading to an increase in the supply of rental properties. In conclusion, the residential real estate leases market in Guyana is experiencing significant growth and development. The shift in customer preferences towards renting, the availability of modern rental properties, and the rise of co-living spaces are key trends driving this market. The unique circumstances of the country, such as the discovery of oil and gas reserves and the government's focus on infrastructure development, are contributing to the demand for residential leases. Additionally, underlying macroeconomic factors such as strong economic growth and low interest rates are further fueling the growth of this market.

Methodology

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.