Market Insights Financial Real Estate Residential Real Estate

Residential Real Estate Leases - Western Asia

Western Asia

In Western Asia, the revenue of the Residential Real Estate Leases market market is projected to reach US$156.70bn in 2024.
Apartment Leases dominates this market segment, with a projected market volume of US$97.39bn in the same year.
Looking ahead, the revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a market volume of US$198.90bn by 2029.
The demand for residential real estate leases in Western Asia has been steadily increasing due to a growing expatriate population.

Key regions: Japan, China, Australia, Germany, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Residential Real Estate Leases market in Western Asia is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the current state of the market. Customer preferences in Western Asia have shifted towards renting residential properties instead of purchasing them. This can be attributed to several reasons, including changing lifestyles and a desire for flexibility. Many people in this region prefer to have the option to move frequently or live in different areas without the long-term commitment of owning a property. Additionally, renting provides a more affordable option for individuals who may not have the financial means to buy a home. Trends in the market indicate an increase in demand for rental properties in Western Asia. This can be attributed to a growing population, urbanization, and an influx of expatriates. As cities in this region continue to develop and attract businesses, the demand for housing options, particularly rental properties, has increased. Landlords and property developers have recognized this trend and are investing in the construction of residential buildings and complexes to meet the growing demand. Local special circumstances also play a role in the development of the Residential Real Estate Leases market in Western Asia. Some countries in this region have strict regulations on property ownership for foreigners, making it more difficult for expatriates to purchase homes. As a result, renting becomes the preferred option for many expatriates who are living and working in Western Asia temporarily. Additionally, cultural factors and social norms may also contribute to the preference for renting over buying in certain countries in this region. Underlying macroeconomic factors further support the growth of the Residential Real Estate Leases market in Western Asia. Economic stability and growth in the region have led to increased job opportunities and higher disposable incomes. This, in turn, has fueled the demand for rental properties as individuals seek housing options that align with their lifestyle and financial capabilities. Additionally, low interest rates and favorable financing options for property developers have encouraged investment in the construction of rental properties. In conclusion, the Residential Real Estate Leases market in Western Asia is developing and expanding due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Renting residential properties has become increasingly popular in this region, driven by changing lifestyles, a desire for flexibility, and affordability. The market has responded to this demand by increasing the supply of rental properties through construction and development projects. Furthermore, local regulations and cultural factors contribute to the preference for renting over buying in certain countries. Overall, the growth of the market is supported by economic stability, job opportunities, and favorable financing options.

Methodology

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.