Although the concept of real estate market analysis are more widely used in real estate industry but penetration rate seem to be misunderstood by some commentators in the market. To accomplish a penetration analysis, existing models have to extensive taking the specific characteristics of explainable model and techniques that allow the market commentators to estimate penetration rate with more accuracy through existing models by integrate changes in the macro economy. The main purpose of this paper is to explain and analyze to give some issues for the prediction of how business cycle and real estate cycle will affect to penetration rate. The scope of this thesis is to study of a medium sized complete residential development in Sweden namely Gåshaga Pirar in Lidingö municipality.