Key regions: Germany, Europe, Asia, United States, United Kingdom
The Residential Real Estate Transactions market in North Macedonia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Residential Real Estate Transactions market in North Macedonia have been influenced by factors such as urbanization, population growth, and changing lifestyles. As more people move to urban areas in search of better job opportunities and amenities, there is an increased demand for residential properties in cities. Additionally, the younger generation is increasingly looking for properties that offer modern amenities and are located in close proximity to commercial centers and transportation hubs. Trends in the market show a shift towards the development of high-rise apartment buildings and gated communities. This trend is driven by the scarcity of land in urban areas and the need to accommodate a growing population. Developers are focusing on constructing multi-story residential buildings that offer a range of amenities such as swimming pools, fitness centers, and green spaces. Gated communities are also gaining popularity among buyers who seek a secure and exclusive living environment. Local special circumstances in North Macedonia, such as government incentives and favorable mortgage rates, have also contributed to the growth of the Residential Real Estate Transactions market. The government has implemented policies to promote affordable housing and provide financial assistance to first-time homebuyers. This has encouraged more people to enter the market and invest in residential properties. Underlying macroeconomic factors, such as low interest rates and a stable economy, have created a favorable environment for the Residential Real Estate Transactions market in North Macedonia. Low interest rates make it more affordable for individuals to take out mortgages and purchase properties. A stable economy instills confidence in buyers and investors, leading to increased demand and investment in the real estate sector. In conclusion, the Residential Real Estate Transactions market in North Macedonia is experiencing growth due to customer preferences for urban living, the development of high-rise apartment buildings and gated communities, government incentives, and favorable macroeconomic factors. These factors have created a positive environment for the market, attracting both domestic and international buyers and investors.
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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