Key regions: Germany, Europe, Asia, United States, United Kingdom
Residential real estate transactions in Togo have been steadily increasing over the past few years, driven by customer preferences for property ownership and investment opportunities.
Customer preferences: Togolese individuals and families have a strong cultural preference for homeownership, considering it a symbol of stability and success. This desire for property ownership has fueled the demand for residential real estate transactions in the country. Additionally, with limited investment options available, many Togolese see real estate as a secure and profitable investment opportunity.
Trends in the market: One of the key trends in the residential real estate transactions market in Togo is the increasing popularity of urban living. As the country experiences rapid urbanization, more people are moving to cities in search of better job opportunities and improved living standards. This has led to a surge in demand for housing in urban areas, driving up property prices and stimulating real estate transactions. Another trend in the market is the growing interest in luxury properties. As the economy continues to grow, there is a rising affluent class in Togo who are willing to invest in high-end residential properties. Developers are responding to this demand by constructing luxury housing projects that cater to the needs and preferences of this demographic.
Local special circumstances: Togo's real estate market is influenced by its geographical location and proximity to neighboring countries. The country serves as a transit hub for goods and people traveling between West African countries, attracting foreign investors and expatriates who require housing during their stay. This has contributed to the demand for residential real estate transactions, particularly in major cities like Lomé.
Underlying macroeconomic factors: The stability of Togo's economy and favorable government policies have played a significant role in the development of the residential real estate transactions market. The government has implemented reforms to improve the business environment and attract foreign investment, which has positively impacted the real estate sector. Additionally, low interest rates and access to mortgage financing have made property ownership more affordable and accessible to a larger segment of the population. In conclusion, the residential real estate transactions market in Togo is experiencing growth due to customer preferences for property ownership and investment opportunities. The increasing urbanization, interest in luxury properties, and the country's special circumstances as a transit hub have contributed to the upward trend. Furthermore, the stability of the economy and supportive government policies have created a favorable environment for the real estate sector to thrive.
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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