Key regions: Germany, Europe, Asia, United States, United Kingdom
The residential real estate transactions market in Armenia has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the residential real estate transactions market in Armenia have been shifting towards modern and well-designed properties. Buyers are increasingly seeking properties with contemporary features and amenities, such as open floor plans, high-quality finishes, and energy-efficient systems. Additionally, there is a growing demand for properties located in desirable neighborhoods with convenient access to amenities such as schools, shopping centers, and recreational facilities. One of the key trends in the market is the increasing popularity of apartment living. Due to limited land availability and rising urbanization, apartments have become a preferred choice for many buyers in Armenia. Developers have responded to this trend by constructing high-rise residential buildings that offer a range of apartment sizes and layouts to cater to different customer needs and budgets. Another trend in the market is the growing interest in sustainable and eco-friendly properties. Buyers are increasingly prioritizing energy efficiency, green building materials, and environmentally friendly features when purchasing residential properties. This trend is driven by a combination of factors, including rising environmental awareness, government incentives for sustainable construction, and the desire to reduce utility costs. Local special circumstances also play a role in the development of the residential real estate transactions market in Armenia. The country has a young and growing population, with a significant portion of the population entering the housing market for the first time. This creates a strong demand for affordable housing options, particularly for young professionals and families. Additionally, the government of Armenia has implemented various policies and initiatives to support the real estate sector. These include tax incentives for developers, streamlined construction permitting processes, and efforts to attract foreign investment in the sector. These measures have contributed to the growth of the residential real estate transactions market by creating a favorable business environment and stimulating investment. Underlying macroeconomic factors, such as economic growth and low interest rates, have also played a role in the development of the residential real estate transactions market in Armenia. The country has experienced steady economic growth in recent years, which has increased disposable incomes and improved consumer confidence. Low interest rates have made mortgages more affordable, encouraging more people to enter the housing market and driving demand for residential properties. In conclusion, the residential real estate transactions market in Armenia is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards modern and well-designed properties, the popularity of apartment living, the demand for sustainable properties, and the government's support for the sector have all contributed to the growth of the market. Additionally, the country's young population and favorable macroeconomic conditions have further fueled demand for residential properties.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).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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