Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Mongolia has been steadily growing in recent years, driven by several key factors. Customer preferences have shifted towards renting rather than owning properties, leading to an increase in demand for residential real estate leases. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market.
Customer preferences: Customer preferences in Mongolia have started to favor renting rather than owning properties. This shift can be attributed to various factors, such as changing lifestyles and financial considerations. Renting provides individuals with greater flexibility and mobility, allowing them to move easily for work or personal reasons. Moreover, renting eliminates the need for a large upfront investment, making it a more affordable option for many people. As a result, there has been a growing demand for residential real estate leases in Mongolia.
Trends in the market: One of the key trends in the residential real estate leases market in Mongolia is the rise of apartment living. With limited space and a growing urban population, apartments have become a popular choice for many residents. The construction of new apartment buildings has increased to meet the demand, leading to a larger supply of rental units. Additionally, there has been a trend towards modern and well-equipped apartments, with amenities such as gyms, swimming pools, and security systems. These trends reflect the evolving preferences of customers in Mongolia.
Local special circumstances: Mongolia's unique geographical and demographic characteristics have also influenced the development of the residential real estate leases market. The country has a vast territory with a relatively small population, resulting in a low population density in many areas. This has led to the concentration of residential developments in urban centers, where the demand for rental properties is higher. Furthermore, Mongolia's nomadic traditions and rural lifestyle have made renting a more common practice, as people often move between different locations for grazing or work purposes.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the residential real estate leases market in Mongolia. The country has experienced rapid economic growth in recent years, driven by its abundant natural resources and increasing foreign investment. This has led to a rising middle class and an increase in disposable income, making renting more affordable for a larger portion of the population. Additionally, the government has implemented policies to promote the development of the real estate sector, including the construction of affordable housing and the improvement of rental regulations. These factors have created a favorable environment for the residential real estate leases market to thrive. In conclusion, the Residential Real Estate Leases market in Mongolia has been developing due to shifting customer preferences towards renting, the rise of apartment living, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that the demand for residential real estate leases will further increase, driving further growth in the sector.
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)
