Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Western Asia is experiencing significant growth and development due to various factors. Customer preferences in the region are shifting towards more modern and luxurious properties. With increasing disposable incomes and a desire for a higher standard of living, buyers are looking for spacious and well-designed homes that offer a range of amenities such as swimming pools, gyms, and landscaped gardens. Additionally, there is a growing demand for properties that offer sustainable and eco-friendly features, reflecting a global trend towards environmental consciousness. Trends in the market show a rise in the construction of high-rise residential buildings, particularly in major cities. This is driven by the limited availability of land and the need to accommodate a growing population. Developers are focusing on vertical expansion to maximize land usage and meet the demand for housing. These high-rise buildings often offer a mix of residential units, retail spaces, and entertainment facilities, creating vibrant and self-contained communities. Local special circumstances also contribute to the development of the Residential Real Estate market in Western Asia. The region is known for its rapid urbanization and population growth, which creates a demand for housing. Additionally, Western Asia is a hub for international business and attracts a large expatriate population. This influx of foreign professionals and their families further fuels the demand for residential properties. Underlying macroeconomic factors play a significant role in the growth of the Residential Real Estate market in Western Asia. The region has experienced strong economic growth in recent years, driven by sectors such as oil and gas, finance, and tourism. This has resulted in increased employment opportunities and higher incomes, enabling individuals to invest in real estate. Additionally, favorable government policies and regulations have encouraged both local and foreign investment in the property market. In conclusion, the Residential Real Estate market in Western Asia is developing rapidly due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for modern and luxurious properties, the construction of high-rise buildings, population growth, and a strong economy all contribute to the growth and development of the market in the region.
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.
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