Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Myanmar has been experiencing significant growth in recent years.
Customer preferences: One of the key factors driving the growth of the Residential Real Estate Leases market in Myanmar is the increasing demand for rental properties. Many individuals and families in Myanmar are opting to rent rather than buy properties due to various reasons such as financial constraints, flexibility, and the convenience of not having to deal with property maintenance. Additionally, there is a growing trend among young professionals and expatriates who prefer to rent properties in urban areas close to their workplaces or amenities.
Trends in the market: A major trend in the Residential Real Estate Leases market in Myanmar is the development of high-rise apartment buildings and condominiums. The rapid urbanization and population growth in cities like Yangon and Mandalay have led to a shortage of land for housing. As a result, developers are focusing on vertical expansion to accommodate the increasing demand for residential properties. These high-rise buildings offer modern amenities, security, and convenience, making them attractive to both local and foreign renters. Another trend in the market is the emergence of co-living spaces and serviced apartments. With the rise of digital nomads and young professionals seeking community living experiences, co-living spaces have gained popularity in Myanmar. These spaces provide shared facilities and common areas where residents can socialize and network. Similarly, serviced apartments offer a combination of hotel-like services and the comforts of a home, making them appealing to expatriates and business travelers.
Local special circumstances: Myanmar's property market has undergone significant changes in recent years due to political and economic reforms. The government has introduced new laws and regulations to attract foreign investment in the real estate sector. This has resulted in increased interest from international investors and developers, leading to the construction of new residential projects and the improvement of existing properties. Additionally, the government's efforts to improve infrastructure and urban planning have further contributed to the growth of the Residential Real Estate Leases market in Myanmar.
Underlying macroeconomic factors: The growth of the Residential Real Estate Leases market in Myanmar can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved living standards. This has created a demand for better housing options, including rental properties. Furthermore, the rising urbanization and population growth have fueled the need for more residential units, driving the development of the real estate market. In conclusion, the Residential Real Estate Leases market in Myanmar is experiencing significant growth due to customer preferences for rental properties, the development of high-rise buildings and co-living spaces, the government's efforts to attract foreign investment, and the underlying macroeconomic factors such as economic growth and urbanization. These factors are likely to continue driving the expansion of the market in the coming years.
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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