Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Singapore is experiencing significant growth and development.
Customer preferences: Customers in Singapore are increasingly opting for residential real estate leases due to the flexibility and affordability they offer. Renting a property allows individuals to have a place to live without the commitment of purchasing a property. This is particularly appealing to young professionals and expatriates who may have short-term stays in the country. Additionally, renting provides the opportunity to live in desirable neighborhoods without the high upfront costs associated with buying a property.
Trends in the market: One of the key trends in the Residential Real Estate Leases market in Singapore is the rise of co-living spaces. These spaces offer shared living arrangements with a range of amenities, such as communal kitchens and social areas. Co-living spaces cater to the growing demand for affordable and flexible housing options, particularly among young professionals and expatriates. This trend is driven by the desire for a sense of community and the convenience of having shared facilities. Another trend in the market is the increasing popularity of serviced apartments. Serviced apartments provide a hotel-like experience with the comforts of home. They are fully furnished and equipped with amenities such as housekeeping and concierge services. Serviced apartments are particularly attractive to expatriates and business travelers who require temporary accommodation with the convenience of hotel services.
Local special circumstances: Singapore has a high population density and limited land resources, which has led to the development of high-rise residential buildings. The government has implemented strict regulations to ensure the quality and safety of these buildings. This has resulted in a well-regulated and reliable market for residential real estate leases. Additionally, Singapore has a strong legal framework that protects the rights of tenants and landlords, providing a secure environment for both parties.
Underlying macroeconomic factors: Singapore's strong economy and stable political environment contribute to the growth of the Residential Real Estate Leases market. The country is a global financial hub and attracts a large number of multinational corporations and expatriates. This creates a demand for residential properties, both for long-term leases and short-term stays. Furthermore, Singapore's strategic location in Southeast Asia makes it an attractive destination for business and leisure travelers, driving the demand for serviced apartments. In conclusion, the Residential Real Estate Leases market in Singapore is experiencing growth and development due to customer preferences for flexibility and affordability. The rise of co-living spaces and serviced apartments caters to the changing needs of individuals seeking temporary accommodation. Singapore's high population density and limited land resources have led to the development of high-rise residential buildings, while the government's strict regulations ensure a well-regulated market. The country's strong economy and stable political environment contribute to the demand for residential properties from both locals and expatriates.
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)
