Global Residential Real Estate Market Size 2024, Forecast To 2033
6 Mar, 2024
The residential real estate market has experienced robust growth, surging from $9608.7 billion in 2023 to $10111.21 billion in 2024, showcasing a compound annual growth rate (CAGR) of 5.2% during the historic period. This growth is attributed to economic stability and growth, interest rates and mortgage accessibility, population growth, urbanization, government policies, and incentives, reflecting demographic trends. The market is poised for steady growth, reaching an estimated size of $12168.78 billion in 2028, with a CAGR of 4.7%. The anticipated growth is driven by factors such as low-interest rates, shifts in remote work practices, a growing emphasis on environmental sustainability, and changing household structures. Major trends in the forecast period encompass affordable housing initiatives, the impact of generational preferences, adaptive reuse projects, a focus on health and safety features, and increased global market connectivity.
Global Residential Real Estate Market Key Driver
The residential real estate market is poised for growth, fueled by the increasing demand for residential properties. A residential structure, providing the necessary facilities for individual or family living, sees a surge in demand, leading to heightened construction activities, including high-rise and mixed-use buildings. This trend not only fulfills housing needs but also creates opportunities for urban renewal and redevelopment, contributing to the overall expansion of the residential real estate market. In March 2023, data from the United States Census Bureau revealed that the seasonally adjusted yearly basis for privately owned housing units approved by building permits in February reached 1,524,000, marking a significant 13.8% increase from the corrected January rate of 1,339,000. This substantial rise in approved housing units underscores the driving force behind the growth of the residential real estate market.
Get A Free Sample Of The Global Residential Real Estate Market ReportGlobal Residential Real Estate Market Segments
The residential real estate market covered in this report is segmented –
1) By Type: Apartments, Condominiums, Landed Houses, Villas
2) By Pricing: Affordable, Mid-Range, Luxury
3) By Size: Less Than 50 Square Meters, 51 To 80 Square Meters, 81 To 110 Square Meters, 111 To 200 Square Meters, More Than 200 Square Meters
4) By Business: Sales, Rental
5) By Mode: Online, Offline
By Geography:The regions covered in the residential real estate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the global residential real estate market size in 2023. The regions covered in the residential real estate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Residential Real Estate Industry Players
Real Estate Maximums, Sotheby’s International Realty, CBRE Group Inc., Keller Williams Realty Inc., Colliers International, Christie's International Real Estate, D. R. Hortons Inc., DLF Ltd., IJM Corporation Berhad, Lennar Corporation, Pultegroup Inc., Savills plc, American Tower Corporation, Cushman Wakefield Inc., Anywhere Real Estate Inc., Prologis Inc., Simon Property Group Inc., Coldwell Banker Real Estate LLC, The Cadillac Fairview Corporation Limited, Century 21 Real Estate LLC, ERA Real Estate, Better Homes and Gardens Real Estate, Redfin Corporation, Zillow Group Inc., Movoto Real Estate, Compass Inc., Realogy Holdings Corp, Allen Tate Companies, William Raveis Real Estate, John L. Scott Real Estate, Houlihan Lawrence, Douglas Elliman Real Estate
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Residential Real Estate Market Overview
Residential real estate refers to properties designed and used as dwellings for individuals or families. It includes various properties such as single-family homes, townhouses, and condominiums.
Residential Real Estate Global Market Report 2023 provides data on the global residential real estate market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The residential real estate market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.