Key regions: Germany, Europe, Asia, United States, United Kingdom
The Residential Real Estate Transactions market in Nordics has been experiencing significant growth in recent years, driven by a number of factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In the Nordics, there is a strong demand for residential real estate transactions, with customers seeking properties that offer both high quality and sustainable features. The region's residents are increasingly conscious of environmental issues and are willing to pay a premium for homes that are energy efficient and built with sustainable materials. Additionally, there is a growing preference for properties located in urban areas that offer easy access to amenities such as schools, shops, and public transportation.
Trends in the market: One notable trend in the Nordics' residential real estate transactions market is the increasing popularity of digital platforms for property searches and transactions. Online platforms have made it easier for buyers and sellers to connect, reducing the need for traditional real estate agents. This trend has also contributed to greater transparency in the market, allowing buyers to compare prices and make more informed decisions. Another trend is the rising demand for rental properties, particularly in major cities. Many young professionals and students prefer to rent rather than buy, as it offers them greater flexibility and avoids the financial burden of a mortgage. This has led to an increase in the number of rental properties available and has attracted investors looking for stable rental income.
Local special circumstances: One of the key special circumstances in the Nordics is the limited supply of land for new residential developments. The region's countries have strict regulations on land use and construction, making it challenging to meet the growing demand for housing. This has resulted in a shortage of available properties, driving up prices and creating a competitive market.
Underlying macroeconomic factors: The strong and stable economy in the Nordics has played a significant role in the growth of the residential real estate transactions market. Low unemployment rates, high disposable incomes, and low interest rates have increased the purchasing power of potential buyers, driving up demand for properties. Additionally, the region's countries have implemented policies to support the housing market, such as favorable tax incentives for homebuyers and low down payment requirements. In conclusion, the Residential Real Estate Transactions market in Nordics is experiencing growth due to customer preferences for high-quality and sustainable properties, market trends such as the rise of digital platforms and increased demand for rental properties, local special circumstances such as limited land supply, and underlying macroeconomic factors including a strong economy and supportive government policies. This combination of factors has created a thriving market for residential real estate transactions in the region.
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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