The Residential Real Estate Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Residential Real Estate Global Market Report 2024, The residential real estate market size has grown strongly in recent years. It will grow from $9608.7 billion in 2023 to $10111.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to economic stability and growth, interest rates and mortgage accessibility, population growth and urbanization, government policies and incentives, demographic trends.
The residential real estate market size is expected to see steady growth in the next few years. It will grow to $12168.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to low-interest rates, shifts in remote work practices, environmental sustainability, changing household structures .. Major trends in the forecast period include affordable housing initiatives, impact of generational preferences, adaptive reuse projects, focus on health and safety features, global market connectivity.
Rising demand for residential properties is expected to drive the growth of the residential real estate market going forward. A residential structure consists of one or more rooms with the necessary facilities and utilities to meet a person's or family's living needs. The rising demand for residential properties leads to the demand for housing, encourages the construction of high-rise and mixed-use buildings, and opens up opportunities for urban renewal and redevelopment, contributing to the expansion of residential real estate. For instance, in March 2023, according to the United States Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Therefore, rising demand for residential properties drives the residential real estate market.
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The residential real estate market covered in this report is segmented –
1) Residential Real Estate Market By Type: Apartments, Condominiums, Landed Houses, Villas
2) Residential Real Estate Market By Pricing: Affordable, Mid-Range, Luxury
3) Residential Real Estate Market 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) Residential Real Estate Market By Business: Sales, Rental
5) Residential Real Estate Market By Mode: Online, Offline
The adoption of AI technology is a key trend gaining popularity in the residential real estate market. Companies operating in the residential real estate market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Restb.ai, a Spain-based computer vision provider for real estate, launched MLS Suite for Multiple Listing Services for AI in real estate. The AI-powered tools were created to automate the listing entry process, provide safety for users of IDX and VOW websites, and enrich and boost the value of MLS data. The main solutions offered to MLS are AI tagging, compliance, MLS match, and property descriptions.
The residential real estate market report table of contents includes:
1. Executive Summary
2. Residential Real Estate Market Characteristics
3. Residential Real Estate Market Trends And Strategies
4. Residential Real Estate Market - Macro Economic Scenario
5. Global Residential Real Estate Market Size and Growth
.......
31. Global Residential Real Estate Market Competitive Benchmarking
32. Global Residential Real Estate Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Residential Real Estate Market
34. Residential Real Estate Market Future Outlook and Potential Analysis
35. Appendix
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