Residential Real Estate - Turkmenistan

Turkmenistan

Turkmenistan's Residential Real Estate market market is forecasted to achieve a remarkable value of US$213.90bn by the year 2024.
This projection indicates a promising future for the country's real estate sector.
Moreover, it is expected that this market will witness a steady annual growth rate (CAGR 2024-2029) of 2.76%.
By 2029, the market volume is estimated to reach a substantial figure of US$245.10bn.
These numbers illustrate the potential for growth and development within Turkmenistan's Residential Real Estate market.
When considering the global perspective, it is noteworthy that China is anticipated to dominate the real estate industry, generating an impressive value of US$112.9tn by 2024.
This comparison highlights the scale and significance of China's real estate market in the global context.
Turkmenistan's residential real estate market is experiencing a surge in demand due to government initiatives promoting urban development and housing construction.

Key regions: Europe, Brazil, France, Asia, United States

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Analyst Opinion

The Residential Real Estate market in Turkmenistan is experiencing significant growth and development. Customer preferences are shifting towards modern and luxurious properties, while the market is being influenced by various trends. Local special circumstances and underlying macroeconomic factors are also contributing to the growth of the market. Customer preferences in the Residential Real Estate market in Turkmenistan are evolving. There is a growing demand for modern and luxurious properties that offer a high standard of living. Customers are increasingly seeking properties with amenities such as swimming pools, gyms, and landscaped gardens. Additionally, there is a preference for properties located in prime locations, close to amenities such as schools, shopping centers, and entertainment facilities. These preferences are driven by a desire for a comfortable and convenient lifestyle. The market is witnessing several trends that are shaping its development. One of the key trends is the increasing urbanization in Turkmenistan. As more people move to cities for better job opportunities and a higher standard of living, the demand for residential properties is rising. This trend is particularly evident in major cities such as Ashgabat, where there is a growing need for housing. Another trend in the market is the rise of sustainable and eco-friendly properties. Customers are becoming more conscious of the environmental impact of their homes and are seeking properties that are energy-efficient and built with sustainable materials. Developers are responding to this trend by incorporating green building practices and technologies into their projects. Local special circumstances are also influencing the Residential Real Estate market in Turkmenistan. The government plays a significant role in the market, as it is involved in the planning and development of housing projects. The government's focus on urban development and infrastructure projects is driving the demand for residential properties. Underlying macroeconomic factors are contributing to the growth of the market. Turkmenistan has a stable economy with a strong GDP growth rate. This economic stability, coupled with low interest rates, is encouraging individuals to invest in residential properties. Additionally, the government's efforts to attract foreign investment in the real estate sector are further boosting the market. In conclusion, the Residential Real Estate market in Turkmenistan is experiencing growth and development due to evolving customer preferences, various market trends, local special circumstances, and underlying macroeconomic factors. The demand for modern and luxurious properties, along with the rise of sustainable housing, is shaping the market. The government's focus on urban development and infrastructure projects, coupled with a stable economy and low interest rates, is driving the growth of the market.

Methodology

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and 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 are considered at a country-specific level.