Market Insights Financial Real Estate Residential Real Estate

Residential Real Estate Leases - Iraq

Iraq

In Iraq, the revenue of the Residential Real Estate Leases market market is projected to reach US$9.07bn in 2024.
Apartment Leases dominates the market with a projected market volume of US$4.66bn in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.28%, resulting in a market volume of US$12.89bn by 2029.
Despite ongoing political and security challenges, Iraq's residential real estate lease market is seeing steady growth due to increased demand from international investors.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Residential Real Estate Leases market in Iraq is experiencing significant growth and development in recent years.

Customer preferences: Customers in the Residential Real Estate Leases market in Iraq are increasingly looking for affordable and high-quality housing options. They prioritize properties that are well-maintained, have modern amenities, and are located in safe and convenient neighborhoods. With the growing urbanization and increasing population in Iraq, there is a rising demand for rental properties, especially among young professionals and families who are not yet ready to invest in buying a house.

Trends in the market: One of the key trends in the Residential Real Estate Leases market in Iraq is the emergence of modern, purpose-built apartment complexes. These complexes offer a range of amenities such as swimming pools, gyms, and security services, catering to the preferences of customers who are seeking a comfortable and convenient living experience. This trend is driven by the increasing urbanization and the need for efficient use of limited urban space. Another trend in the market is the rise of online platforms and real estate agencies that connect landlords with potential tenants. These platforms provide a convenient and efficient way for landlords to advertise their properties and for tenants to search for suitable rental options. This trend has made it easier for both landlords and tenants to navigate the rental market in Iraq, leading to increased transparency and efficiency.

Local special circumstances: The Residential Real Estate Leases market in Iraq is influenced by several local special circumstances. One of the key factors is the ongoing security situation in the country. Iraq has faced years of conflict and instability, which has had a significant impact on the real estate market. However, with the improving security situation in recent years, there is a renewed sense of stability and confidence among investors and customers. This has contributed to the growth of the rental market as more people are willing to invest in and rent properties. Another special circumstance is the high rate of internal migration within Iraq. Many people are moving from rural areas to cities in search of better job opportunities and living conditions. This has created a higher demand for rental properties in urban areas, driving the growth of the Residential Real Estate Leases market.

Underlying macroeconomic factors: The development and growth of the Residential Real Estate Leases market in Iraq are also influenced by underlying macroeconomic factors. The country has experienced a period of economic growth in recent years, driven by increased oil production and export. This has led to a rise in disposable income and improved living standards for many Iraqis, resulting in a higher demand for rental properties. Furthermore, the government of Iraq has implemented policies to encourage foreign investment in the real estate sector. This has attracted international investors and developers, leading to the construction of new residential projects and the expansion of the rental market. In conclusion, the Residential Real Estate Leases market in Iraq is witnessing significant growth and development due to customer preferences for affordable and high-quality housing, the emergence of modern apartment complexes, the rise of online platforms, and the improving security situation. The local special circumstances of internal migration and the underlying macroeconomic factors of economic growth and government policies also contribute to the market's growth.

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.