Residential Real Estate Leases - Sierra Leone

Sierra Leone is expected to witness a significant growth in its Residential Real Estate Leases market market.
In 2024, the projected revenue for this market segment is estimated to be US$4.52bn.
House Leases, in particular, are projected to dominate the market with a volume of US$3.94bn in 2024.
Looking ahead, the market is expected to grow at an annual growth rate of 8.72% (CAGR 2024-2029), resulting in a market volume of US$6.86bn by 2029.
Sierra Leone's residential real estate market is experiencing a surge in demand due to the country's growing economy and increasing urbanization.

Definition:

The residential real estate leases market refers to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums. The lease outlines the terms of the rental agreement, including the duration of the lease, the amount of rent to be paid, and the responsibilities of both the landlord and the tenant. The lease may also include provisions for security deposits, maintenance and repair obligations, and renewal options.

Structure:

The residential real estate leases market comprises the lease of houses and apartments.

Additional information:

The residential real estate leases market includes the following KPIs: the revenue generated by real estate leases, the number of real estate leases, the average revenue per real estate lease, the share of dwelling type of tenants, and the average room per tenant. The dwelling type shares comprise the shares of the renter population that lives in houses and apartments.

Residential house and apartment leases

Real estate transactions
Commercial real estate
Accommodation services, such as Airbnb

The Residential Real Estate Leases market in Sierra Leone is experiencing significant growth and development. Customer preferences are shifting towards leasing properties instead of purchasing them, leading to an increase in demand for residential real estate leases. This trend can be attributed to several factors, including changing lifestyles, affordability concerns, and the desire for flexibility.

Customer preferences: Customers in Sierra Leone are increasingly opting to lease residential properties instead of buying them. This shift in preference can be attributed to changing lifestyles and the desire for flexibility. Leasing allows individuals to have the freedom to move and change residences more easily, which is particularly appealing to young professionals and expatriates. Additionally, leasing provides a more affordable option for those who may not have the financial means to purchase a property outright.

Trends in the market: One of the key trends in the residential real estate leases market in Sierra Leone is the rise of gated communities and apartment complexes. These developments offer a range of amenities and security features, making them attractive to potential tenants. The demand for such properties is driven by the desire for a safe and convenient living environment. Another trend is the emergence of online platforms and real estate agencies specializing in residential leasing. These platforms make it easier for individuals to find and compare available properties, simplifying the leasing process. Additionally, real estate agencies provide professional guidance and assistance, ensuring a smooth transaction for both landlords and tenants.

Local special circumstances: Sierra Leone has a growing middle class and a young population, which contributes to the demand for residential real estate leases. The country's economic growth and stability have created opportunities for employment and increased disposable income. As a result, more individuals are seeking housing options that cater to their needs and preferences.

Underlying macroeconomic factors: The development of the residential real estate leases market in Sierra Leone is supported by several macroeconomic factors. The country's stable economic growth and political stability have created a favorable environment for investment in the real estate sector. Additionally, government initiatives and policies aimed at promoting affordable housing and urban development have further stimulated the market. In conclusion, the Residential Real Estate Leases market in Sierra Leone is experiencing significant growth and development. Customer preferences are shifting towards leasing properties due to changing lifestyles, affordability concerns, and the desire for flexibility. The market is characterized by the rise of gated communities, the emergence of online platforms and real estate agencies, and the increasing demand from a growing middle class. These trends are supported by Sierra Leone's stable economic growth, political stability, and government initiatives promoting affordable housing.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate Leases - Sierra Leone

Volume

Analyst Opinion

Revenue

Affordability

Real Estate Type

Living Space

Methodology

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