Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Senegal is experiencing significant growth and development.
Customer preferences: Customers in Senegal are increasingly opting for residential real estate leases instead of purchasing properties. This shift in preference can be attributed to several factors. Firstly, leasing provides individuals with the flexibility to move and change residences more easily, which is particularly appealing to the younger generation and expatriates. Additionally, leasing allows individuals to avoid the high upfront costs associated with purchasing a property, such as down payments and closing costs.
Trends in the market: One of the key trends in the residential real estate leases market in Senegal is the increased demand for furnished apartments. This trend is driven by the growing number of expatriates and international organizations operating in the country. These individuals and organizations prefer fully furnished apartments as it eliminates the need to purchase and transport furniture. Landlords are capitalizing on this trend by offering fully furnished units and charging higher rental rates. Another trend in the market is the emergence of co-living spaces. Co-living spaces are becoming popular among young professionals and students who are seeking affordable and communal living arrangements. These spaces offer shared common areas and amenities, such as kitchens, living rooms, and laundry facilities. The rise of co-living spaces can be attributed to the increasing cost of living and the desire for social interaction and networking opportunities.
Local special circumstances: Senegal's stable political environment and growing economy have attracted foreign investors, leading to an influx of capital in the real estate sector. This has resulted in the construction of new residential properties and the renovation of existing ones, further expanding the options available for residential real estate leases. Additionally, the government has implemented policies to promote affordable housing, which has also contributed to the growth of the market.
Underlying macroeconomic factors: Senegal's strong economic growth and increasing urbanization rate are key macroeconomic factors driving the development of the residential real estate leases market. The country's GDP growth has been consistently above the regional average, creating a favorable environment for investment in real estate. Furthermore, the rapid urbanization rate has led to a growing demand for housing, particularly in urban areas. As a result, developers are focusing on constructing residential properties to meet this demand, further fueling the growth of the market. In conclusion, the residential real estate leases market in Senegal is experiencing significant growth and development due to the preferences of customers, such as flexibility and cost-effectiveness. The market is witnessing trends like the demand for furnished apartments and the emergence of co-living spaces. The stable political environment, growing economy, and government policies promoting affordable housing are local special circumstances contributing to the market's growth. The underlying macroeconomic factors of strong economic growth and increasing urbanization rate are also driving the development of the market.
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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