Residential Real Estate Leases - Togo

In Togo, the revenue generated from Residential Real Estate Leases market is estimated to soar to US$6.41bn by the year 2024.
House Leases, being the dominant segment, is projected to contribute significantly to the market with an estimated market volume of US$3.68bn in 2024.
Furthermore, the market is expected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 7.21%, which would result in a market volume of US$9.07bn by 2029.
In Togo, there has been a surge in demand for residential real estate leases due to the growing urban population and increasing foreign investments in the country.

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 Togo is experiencing significant growth and development.

Customer preferences: Customers in the Residential Real Estate Leases market in Togo are increasingly looking for affordable and well-maintained properties. They prioritize properties that offer a range of amenities, such as security, parking, and proximity to schools and shopping centers. Additionally, customers prefer properties that are easily accessible and located in safe and desirable neighborhoods.

Trends in the market: One of the key trends in the Residential Real Estate Leases market in Togo is the increasing demand for rental properties. This can be attributed to several factors, including population growth, urbanization, and changing lifestyles. As more people move to urban areas for employment opportunities, the demand for rental properties has surged. Additionally, the rising cost of homeownership and the flexibility that renting offers have also contributed to the growing demand for rental properties in Togo. Another trend in the market is the emergence of co-living and shared housing concepts. This trend is driven by the desire for cost-effective housing solutions and the need for social interaction among tenants. Co-living spaces provide individuals with the opportunity to live in a community-like environment, sharing common areas and facilities. This trend has gained popularity among young professionals and students who are looking for affordable and sociable living arrangements.

Local special circumstances: Togo's Residential Real Estate Leases market is influenced by several local special circumstances. One such circumstance is the rapid urbanization and population growth in the country. As more people migrate to urban areas, the demand for rental properties has increased. This has led to the development of new residential projects and the renovation of existing properties to meet the growing demand. Another special circumstance is the government's efforts to attract foreign investment in the real estate sector. Togo has implemented various policies and incentives to encourage foreign investors to invest in the country's real estate market. This has resulted in increased construction activities and the development of high-quality residential properties.

Underlying macroeconomic factors: The growth and development of the Residential Real Estate Leases market in Togo can be attributed to several underlying macroeconomic factors. One such factor is the country's stable economic growth. Togo has experienced consistent economic growth in recent years, which has increased disposable incomes and improved purchasing power. This has enabled more individuals to afford rental properties and contribute to the growth of the market. Additionally, the government's focus on infrastructure development has also had a positive impact on the Residential Real Estate Leases market. The improvement of transportation networks, the expansion of utilities, and the development of commercial centers have made residential properties more attractive and accessible. In conclusion, the Residential Real Estate Leases market in Togo is developing due to customer preferences for affordable and well-maintained properties, the increasing demand for rental properties, the emergence of co-living concepts, local special circumstances such as rapid urbanization and government incentives, and underlying macroeconomic factors such as stable economic growth and infrastructure development.

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.

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Generally considered the third key pillar of the food, clothing, and shelter trinity popularized in India over generations, owning a home is still prioritized as a measure of financial security by a vast majority of the Indian population. The COVID-19 pandemic with its successive lockdowns and restrictions to stay within the confines of one’s home, further reinforced this vision. India’s growing urban population, rising household incomes, and decade-long low-interest rates have been propelling the demand for residential units, driving up the sales volume. Even though the residential real estate sector was severely hit in 2020, it marked a strong recovery in consecutive years, crossing pre-COVID sales figures.

Residential Real Estate Leases - Togo

Volume

Analyst Opinion

Revenue

Affordability

Real Estate Type

Living Space

Methodology

Financial

Access more Market Insights on Financial topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts

Contact

Get in touch with us. We are happy to help.

Residential Real Estate Leases - Togo

In-Scope

Out-Of-Scope

Related markets:

Residential Real Estate: market data & analysis

Financial

Access more Market Insights on Financial topics with our featured report

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts