Key regions: Europe, Asia, Australia, United States, Germany
The Residential Real Estate market in New Zealand has experienced significant 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 New Zealand residential real estate market have been shaped by a desire for modern and energy-efficient homes. Buyers are increasingly seeking properties that are well-designed, with open floor plans, ample natural light, and sustainable features. This preference for modern and eco-friendly homes has led to an increase in the demand for newly built properties and renovations of existing homes. Trends in the market have also played a role in the development of the Residential Real Estate market in New Zealand. One notable trend is the rise of online property listings and virtual tours, which have made it easier for buyers to search for and view properties from the comfort of their own homes. This trend has not only increased convenience for buyers but has also expanded the reach of sellers, attracting a larger pool of potential buyers. Another trend in the market is the increasing popularity of apartment living. As urban areas become more densely populated, apartments have become a more affordable and convenient housing option for many New Zealanders. This trend has led to a surge in the construction of apartment buildings, particularly in major cities like Auckland and Wellington. Local special circumstances have also influenced the development of the Residential Real Estate market in New Zealand. One such circumstance is the country's strict regulations on foreign property ownership. These regulations aim to prevent speculative buying and ensure that New Zealanders have access to affordable housing. As a result, the market is primarily driven by domestic buyers, which has contributed to the stability and sustainability of the market. Underlying macroeconomic factors have also played a significant role in the development of the Residential Real Estate market in New Zealand. The country's strong economic growth, low unemployment rate, and low interest rates have created a favorable environment for real estate investment. Additionally, New Zealand's growing population, fueled by both natural growth and immigration, has increased demand for housing, driving up prices and stimulating construction activity. In conclusion, the Residential Real Estate market in New Zealand has experienced significant growth due to customer preferences for modern and energy-efficient homes, market trends such as online property listings and the popularity of apartment living, local special circumstances including strict regulations on foreign property ownership, and underlying macroeconomic factors such as strong economic growth and population growth. These factors have contributed to the development of a dynamic and thriving real estate market in New Zealand.
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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