Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Turkey has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the changing preferences of customers. In Turkey, there has been a shift towards renting rather than buying properties. This is due to various factors such as increasing urbanization, changing demographics, and the desire for flexibility. Many people, especially young professionals and students, prefer to rent properties in order to have the freedom to move around and explore different areas. Additionally, renting allows individuals to avoid the financial burden of purchasing a property, which can be quite expensive in Turkey.
Trends in the market: Another trend in the Residential Real Estate Leases market in Turkey is the increasing demand for furnished apartments. Many tenants, especially expatriates and international students, prefer to rent fully furnished properties as it saves them the hassle of buying furniture and appliances. This trend has led to the growth of companies specializing in providing furnished apartments for rent.
Local special circumstances: Turkey's growing population and urbanization have also contributed to the growth of the Residential Real Estate Leases market. As more people move to cities for better job opportunities and a higher standard of living, the demand for rental properties has increased. This has led to the development of new residential complexes and apartment buildings to meet the growing demand.
Underlying macroeconomic factors: The stable economic growth and increasing disposable income in Turkey have also had a positive impact on the Residential Real Estate Leases market. As the economy improves, more people are able to afford renting properties, leading to increased demand. Additionally, the low interest rates in the country have made it more attractive for individuals to invest in real estate, further driving the growth of the market. In conclusion, the Residential Real Estate Leases market in Turkey is experiencing significant growth due to changing customer preferences, increasing demand for furnished apartments, growing population and urbanization, and favorable macroeconomic factors. As these trends continue, it is expected that the market will continue to expand in the coming years.
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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