Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Northern Africa is experiencing significant growth and development.
Customer preferences: Customers in the Northern Africa region are increasingly looking for residential real estate leases due to various reasons. One of the key preferences is the flexibility that leasing offers compared to property ownership. Leasing allows individuals to have a place to live without the long-term commitment and financial burden of purchasing a property. Additionally, the rising urbanization in the region has led to an increase in demand for rental properties, as more people are moving to cities for employment and educational opportunities.
Trends in the market: One of the notable trends in the Residential Real Estate Leases market in Northern Africa is the rise in demand for furnished apartments. Many individuals, especially expatriates and students, prefer to rent fully furnished apartments as it saves them the hassle and cost of purchasing furniture. This trend has led to the emergence of specialized property management companies that cater to the needs of tenants seeking furnished accommodations. Another trend in the market is the increasing popularity of short-term rentals, such as vacation rentals and serviced apartments. With the growth of tourism in the region, there is a growing demand for temporary accommodation options that provide a home-like experience. This trend is particularly evident in popular tourist destinations and cities with a high number of business travelers.
Local special circumstances: The political stability and economic growth in some countries in Northern Africa have contributed to the development of the Residential Real Estate Leases market. As the region becomes more attractive for foreign investment and business opportunities, there is a corresponding increase in the demand for rental properties. Additionally, the presence of multinational corporations and international organizations in the region has created a need for housing solutions for their employees.
Underlying macroeconomic factors: The economic growth and stability in Northern Africa have played a significant role in the development of the Residential Real Estate Leases market. The region has witnessed an increase in foreign direct investment, which has led to job creation and a rise in disposable incomes. This, in turn, has increased the affordability of rental properties and boosted demand in the market. Furthermore, the growing middle class in the region has also contributed to the expansion of the Residential Real Estate Leases market. As more individuals enter the middle-income bracket, they are seeking better living conditions and are willing to pay for quality rental properties. In conclusion, the Residential Real Estate Leases market in Northern Africa is experiencing growth due to customer preferences for flexibility and the rise in demand for rental properties. The trends in the market include the popularity of furnished apartments and short-term rentals. The local special circumstances, such as political stability and economic growth, have also contributed to the development of the market. The underlying macroeconomic factors, including foreign direct investment and the growth of the middle class, have further fueled the expansion of the Residential Real Estate Leases market in Northern Africa.
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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