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Written by Mark Smith » Updated on: November 19th, 2024
According to IMARC Group latest report titled “Real Estate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on real estate market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global real estate market size reached US$ 7,239 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8,654 Billion by 2032, exhibiting a growth rate (CAGR) of 1.9% during 2024-2032.
Real estate refers to tangible property consisting of land, buildings, and natural resources, often purchased or invested in for residential, commercial, or industrial purposes.
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Factors Affecting the Growth of the Real Estate Industry:
The global real estate market is significantly influenced by economic growth and employment trends. As economies expand, there is increased demand for residential, commercial, and industrial real estate. Higher employment rates enhance household income, leading to greater demand for housing and a rise in residential property prices. Similarly, business expansions due to economic growth necessitate more office and retail spaces, stimulating the commercial real estate sector. The real estate market's health is thus closely tied to the broader economic environment, making it essential for investors and stakeholders to monitor economic indicators and employment trends.
As more consumers migrate to cities in search of employment and better living standards, there's a rise in demand for urban housing, commercial spaces, and infrastructure. This urban influx is leading to the development of new residential areas, commercial complexes, and improved urban infrastructure. Additionally, demographic shifts, such as an aging population in some regions influence housing demands, with a growing need for retirement homes and healthcare facilities. These demographic changes affect the type of real estate required and its location, thereby shaping real estate development and investment strategies worldwide.
The integration of technology in real estate, through smart homes, Internet of Things (IoT) applications, and virtual real estate services, enhances property value and attracts investment. In addition, there is a growing emphasis on sustainable and green buildings, driven by environmental concerns and regulatory policies. Properties that incorporate energy-efficient designs, use sustainable materials and have a smaller carbon footprint are increasingly favored, often commanding higher prices and rental rates. This shift towards technology and sustainability is transforming how properties are built and managed and also influencing investment decisions and consumer preferences in the real estate sector.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Real Estate Market Report Segmentation:
By Property:
Residential real estate represented the largest segment by property due to the fundamental human need for housing, coupled with population growth and increasing urbanization, driving consistent demand.
By Business:
Sales dominated the largest segment of business in the real estate market, reflecting the high volume of property transactions fueled by individual homeownership aspirations and investor activities in residential and commercial properties.
By Mode:
On the basis of mode, the market has been divided into online and offline.
Regional Insights:
Asia Pacific’s dominance in the global real estate market can be attributed to the region's rapid urbanization, growing middle class, significant economic growth, and large population base, all contributing to substantial housing and commercial property demand.
Global Real Estate Market Trends:
The rise of remote working arrangements is influencing demand for larger residential properties, often outside urban cores, as consumers seek more space for home offices. This trend is reshaping residential real estate, with suburban and rural areas gaining popularity. In the commercial sector, there's a pivot towards flexible workspaces and reduced office footprints, as businesses adapt to hybrid work models.
Additionally, digitalization is also key, with online platforms for buying, selling, and leasing properties gaining traction, offering convenience and broader market access. These trends are redefining real estate dynamics, influencing both location preferences and the types of properties in demand.
Key highlights of the report:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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