Key regions: France, United Kingdom, Australia, Japan, China
The Residential Real Estate Leases market in Uruguay is experiencing significant growth and development.
Customer preferences: Uruguayans have shown a growing interest in residential real estate leases as an alternative to home ownership. This shift in preferences can be attributed to several factors. Firstly, the younger generation is increasingly valuing flexibility and mobility, and renting provides them with the freedom to move and explore different neighborhoods and cities. Additionally, renting allows individuals to avoid the financial burden of a mortgage and the responsibilities of property maintenance. Lastly, with the rise of co-living and shared spaces, there is a growing demand for rental properties that offer communal amenities and a sense of community.
Trends in the market: One notable trend in the Residential Real Estate Leases market in Uruguay is the increasing popularity of furnished apartments. This trend is driven by the growing number of expatriates and digital nomads who are relocating to Uruguay for work or lifestyle reasons. Furnished apartments provide these individuals with a hassle-free solution, as they do not need to worry about purchasing and transporting furniture. Additionally, the demand for short-term rentals, such as Airbnb, is also contributing to the rise in furnished apartments. Another trend in the market is the emergence of co-living spaces. These are shared living arrangements where individuals rent a private bedroom but share common areas such as the kitchen, living room, and sometimes even bathrooms. Co-living spaces cater to the younger generation who value affordability, community, and convenience. They often come with additional benefits such as cleaning services, social events, and access to amenities like gyms or coworking spaces.
Local special circumstances: Uruguay's stable political and economic environment has attracted foreign investors and expatriates, driving demand in the residential real estate leases market. The country's strong legal framework and property rights protection provide a sense of security for both landlords and tenants. Additionally, Uruguay's reputation as a safe and peaceful country has made it an attractive destination for retirees and second-home buyers, further boosting the demand for rental properties.
Underlying macroeconomic factors: Uruguay's economy has been growing steadily, which has had a positive impact on the Residential Real Estate Leases market. The country has experienced low inflation rates and a stable currency, creating a favorable environment for investment. Additionally, the government has implemented policies to attract foreign investors, such as tax incentives and streamlined bureaucratic processes. These factors have contributed to a vibrant real estate market, with increased construction activity and a wide range of rental properties available.
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.
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