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Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Philippines has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the changing preferences of customers. In the past, owning a home was considered a symbol of stability and success. However, in recent years, there has been a shift in customer preferences towards renting rather than buying. This shift can be attributed to various factors such as the increasing cost of homeownership, changing lifestyles, and the flexibility that renting offers.
Trends in the market: The Residential Real Estate Leases market in Philippines has witnessed several trends in recent years. One of the key trends is the rise of co-living spaces. With the increasing number of young professionals and students in urban areas, there is a growing demand for affordable and convenient housing options. Co-living spaces provide a solution to this demand by offering shared living spaces with individual rooms and common facilities. This trend has gained popularity due to its cost-effectiveness and the sense of community it provides. Another trend in the market is the emergence of serviced apartments. Serviced apartments are fully furnished apartments that are rented out on a short-term basis. They provide a convenient and comfortable living option for business travelers and tourists who require temporary accommodation. This trend has gained traction due to the growth of the tourism industry in Philippines and the increasing number of foreign expatriates.
Local special circumstances: The Residential Real Estate Leases market in Philippines is also influenced by local special circumstances. One such circumstance is the rapid urbanization and population growth in major cities. As more people migrate to urban areas in search of employment and better opportunities, the demand for rental housing has increased significantly. This has led to the development of new residential projects and the expansion of existing ones to cater to the growing demand.
Underlying macroeconomic factors: The growth of the Residential Real Estate Leases market in Philippines is also influenced by underlying macroeconomic factors. The country's strong economic growth, rising disposable incomes, and favorable demographic trends have contributed to the increasing demand for rental housing. Additionally, the government's focus on infrastructure development and urban renewal projects has created new opportunities for real estate developers and investors in the residential leasing sector. In conclusion, the Residential Real Estate Leases market in Philippines is experiencing significant growth due to changing customer preferences, emerging trends such as co-living spaces and serviced apartments, local special circumstances such as rapid urbanization, and underlying macroeconomic factors such as strong economic growth and government initiatives. These factors are expected to continue driving the growth of the market in the coming years.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.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.Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 17:00 h (SGT)
Lun - Ven, 10:00 - 18:00 h (JST)
Lun - Ven, 9:00 - 18:00 h (GMT)
Lun - Ven, 9:00 - 18:00 h (EST)