Definition:
Residential real estate transactions refer to the buying, selling, or transfer of ownership of residential properties such as single-family homes, condominiums, townhouses, and apartments. These transactions involve a number of steps and parties, including buyers, sellers, real estate agents, attorneys, lenders, and title companies.Additional information:
The KPIs covered in this market are the real estate transactions revenue and the average revenue transaction value.Most recent update: Jul 2024
Source: Statista Market Insights
The Residential Real Estate Transactions market in Eastern Europe has been experiencing significant growth in recent years.
Customer preferences: Customers in Eastern Europe have shown a strong preference for investing in residential real estate. This is due to several reasons. Firstly, residential properties are seen as a safe and reliable investment option, providing a steady income stream through rental yields. Secondly, many people in Eastern Europe aspire to own their own homes, leading to a high demand for residential properties. Additionally, the low interest rates in the region have made it more affordable for individuals to take out mortgages and invest in real estate.
Trends in the market: One of the key trends in the residential real estate transactions market in Eastern Europe is the increasing demand for properties in urban areas. As cities continue to grow and attract more businesses and job opportunities, people are flocking to these urban centers, leading to a surge in demand for housing. This has resulted in a rise in property prices in cities across Eastern Europe. Another trend is the growing popularity of sustainable and energy-efficient homes. With increasing awareness about environmental issues, customers are seeking properties that are eco-friendly and have lower utility costs.
Local special circumstances: Each country in Eastern Europe has its own unique set of circumstances that influence the residential real estate transactions market. For example, in countries like Poland and Hungary, there has been a significant increase in foreign investment in real estate, particularly from Western European countries. This has led to a surge in property prices and increased competition for desirable properties. On the other hand, countries like Romania and Bulgaria are still recovering from the economic downturn and have a large inventory of unsold properties, leading to more affordable prices and a buyer's market.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the residential real estate transactions market in Eastern Europe. Firstly, the region has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer confidence. This has encouraged individuals to invest in real estate. Additionally, low interest rates and favorable mortgage conditions have made it easier for people to finance their property purchases. Lastly, the influx of foreign investment in the region has also played a significant role in driving up property prices and stimulating demand. In conclusion, the residential real estate transactions market in Eastern Europe is experiencing growth due to customer preferences for safe and reliable investments, increasing demand for urban properties, and the popularity of sustainable homes. Each country in the region has its own unique circumstances that influence the market, and underlying macroeconomic factors such as economic growth and favorable mortgage conditions have also contributed to the market's development.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights