Residential Real Estate Leases - Uzbekistan

In Uzbekistan, the revenue of the Residential Real Estate Leases market market is projected to reach US$13.54bn in 2024.
House Leases dominate the market with a projected market volume of US$12.11bn in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.27%, resulting in a market volume of US$11.47bn by 2029.
In Uzbekistan, the residential real estate lease market is experiencing a surge in demand due to increased foreign investment.

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 Uzbekistan is experiencing significant growth and development. Customer preferences are shifting towards renting rather than buying properties, leading to an increase in demand for residential real estate leases. This trend is driven by several factors, including changing lifestyles, affordability concerns, and a desire for flexibility.

Customer preferences: One of the main reasons behind the growing popularity of residential real estate leases in Uzbekistan is changing lifestyles. Many individuals and families are opting for a more flexible lifestyle, which renting provides. Renting allows them to easily move to different locations for work or personal reasons without the commitment and hassle of selling a property. Additionally, renting offers the convenience of not having to worry about property maintenance and repairs, which is attractive to many individuals. Affordability is another key factor driving the preference for residential real estate leases. Buying a property in Uzbekistan can be expensive, especially in urban areas where property prices are high. Renting provides a more affordable option for individuals who may not have the financial means to purchase a property or who prefer to allocate their resources towards other investments or expenses.

Trends in the market: The Residential Real Estate Leases market in Uzbekistan is witnessing a surge in demand for rental properties. This is evident in the increasing number of residential real estate developments that are being built to cater to the growing demand. Developers and investors are recognizing the potential of the rental market and are investing in the construction of apartment complexes and other residential properties specifically for lease. Another trend in the market is the rise of online platforms and real estate agencies that specialize in connecting landlords and tenants. These platforms make it easier for individuals to find rental properties that meet their specific needs and preferences. Additionally, they provide a transparent and efficient process for both landlords and tenants, simplifying the rental process and ensuring a smooth transaction.

Local special circumstances: Uzbekistan's growing economy and improving living standards are contributing to the development of the Residential Real Estate Leases market. As the country continues to experience economic growth, more individuals are entering the workforce and seeking housing options. The demand for rental properties is particularly high in urban areas, where job opportunities are abundant and individuals are looking for convenient and affordable housing options.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the Residential Real Estate Leases market in Uzbekistan. The country's stable economic growth and increasing urbanization are creating a favorable environment for the rental market. Additionally, government initiatives to promote affordable housing and attract foreign investment in the real estate sector are further fueling the development of the market. In conclusion, the Residential Real Estate Leases market in Uzbekistan is experiencing significant growth and development due to changing customer preferences, affordability concerns, and the desire for flexibility. The market is witnessing a surge in demand for rental properties, leading to the construction of new residential developments and the rise of online platforms and real estate agencies. Uzbekistan's growing economy, improving living standards, and government initiatives are also contributing to the growth 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.

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 - Uzbekistan

Volume

Analyst Opinion

Revenue

Affordability

Real Estate Type

Living Space

Methodology

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