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Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Kenya is experiencing significant growth and development.
Customer preferences: Customers in Kenya are increasingly choosing to lease residential properties instead of purchasing them. This shift in preference can be attributed to various factors. Firstly, leasing allows individuals to have more flexibility and freedom in terms of location and property type. It also eliminates the need for a large upfront investment, making it more affordable for many people. Additionally, leasing provides a sense of security and convenience, as tenants are not responsible for property maintenance and repairs.
Trends in the market: One of the key trends in the Residential Real Estate Leases market in Kenya is the growing demand for rental properties in urban areas. Rapid urbanization and population growth have led to an increased need for housing in cities such as Nairobi and Mombasa. As a result, developers are focusing on constructing residential properties specifically for leasing purposes in these urban centers. These properties often come with modern amenities and are designed to cater to the needs and preferences of urban dwellers. Another trend in the market is the rise of co-living spaces and serviced apartments. These types of residential properties are gaining popularity among young professionals and expatriates who are looking for a hassle-free living experience. Co-living spaces offer shared living arrangements with common areas and amenities, while serviced apartments provide fully furnished units with housekeeping and other services included. These options cater to the growing demand for convenience and community among tenants.
Local special circumstances: One of the factors contributing to the development of the Residential Real Estate Leases market in Kenya is the country's favorable investment climate. Kenya has implemented various policies and initiatives to attract both local and foreign investors in the real estate sector. These include tax incentives, streamlined property registration processes, and the establishment of special economic zones. These measures have created a conducive environment for real estate developers and investors, leading to increased activity in the market.
Underlying macroeconomic factors: The growth and development of the Residential Real Estate Leases market in Kenya can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an expanding middle class and increased disposable income. This has created a larger pool of potential tenants who can afford rental properties. Additionally, low-interest rates and access to mortgage financing have made it easier for developers to finance their projects and meet the growing demand for residential leasing. In conclusion, the Residential Real Estate Leases market in Kenya is experiencing significant growth and development due to changing customer preferences, urbanization trends, favorable investment climate, and underlying macroeconomic factors. The market is expected to continue to expand as more individuals opt for leasing over purchasing residential properties, and developers cater to the evolving needs and preferences of tenants.
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)