Real Estate Market

Market Synopsis:

The Global Real Estate Market valued at USD 3.14 Trillion in the year 2022 and is projected to reach a value of USD 4.50 Trillion by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.60% over the forecast period.

The Real Estate Market is made up of entities (organizations, sole proprietorships, and partnerships) that rent, lease, and allow the use of buildings and/or land. Other aspects of the industry include managing Real Estate for others, selling, renting, and buying Real Estate on behalf of others, and appraising real estate. Real Estate is classified into three types: rental, agency, and brokerage. Renting real estate, also known as hiring or letting, is a contract in which a fee is paid in exchange for the temporary use of someone else's good, service, or property. Online and offline modes are available, as are various property types such as fully furnished, semi-furnished, and unfurnished.

Companies rebuilding their operations and recovering from the COVID-19 impact, which had previously resulted in tight confinement measures such as social distancing, remote working, and the termination of commercial activities, resulting in operational issues, are driving the market. The growth of the Real Estate Market will be aided by the forecasted stable economic growth in many developed and developing countries. Recovering commodity prices, following a significant decline in the historical period, are expected to further support Real Estate Market growth. Developed economies are also expected to grow steadily over the forecast period. Furthermore, emerging markets are expected to grow slightly faster than developed markets during the forecast period. Gen Z is the next generation of renters after the millennials, and they are expected to spend more on rental services in their lifetime than any other generation. Gen Z is highly dependent on technology and makes purchasing and lifestyle decisions primarily through the internet and social media. Because Gen Z has grown up with technology, leasing and marketing campaigns for Real Estate rental services should include the use of technology to reach this generation where they are most active, such as on apps, social media, or any other internet source.

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Market Segmentation:

The Real Estate Market is segmented on the basis of Property and Type. On the basis of property, the market is segmented into Residential, Commercial, Industrial, Land and Others. On the basis of type, the market is segmented into Sales, Rental and Lease.

Based on Property

On the basis of property, the market is segmented into Residential, Commercial, Industrial, Land and Others. In 2021, residential property will dominate the market. The growth is being driven primarily by millennials, who have become more interested in homeownership in recent years. According to Apartment List's Homeownership report, for example, the homeownership rate among millennials has increased. From 2021 to 2028, commercial property is expected to grow at a Compound Annual Growth Rate (CAGR). As a result of the expansion of the tourism sector, the market is booming at an unprecedented rate. Furthermore, an increase in the number of hotels and resorts is expected to drive demand for bathroom furniture.

Based on Type

On the basis of type, the market is segmented into Sales, Rental and Lease. The rental type dominated the market in terms of revenue in 2021. This is due to rising home prices in developed countries, which has resulted in an increase in the number of renters, favoring segment growth. Over the forecast period, sales type is expected to grow at a Compound Annual Growth Rate (CAGR). The COVID-19 pandemic has altered consumer perceptions of property ownership, resulting in increased demand for luxury homes, villas, and second homes.

Asia Pacific Region to Continue with its Market Domination

Asia Pacific acquired the largest market share during the year 2021 and is expected to grow at the fastest CAGR over forecast period. Due to its large population, China holds the largest share of the Asia Pacific market and is a hotspot for Real Estate development and investment. Favorable regulations enacted by governments in Asia Pacific countries, including India, are likely to favor growth. The region's market dominance is being driven by millennials' preference for homeownership. Following the millennials, the next generation of renters, Gen Z, is expected to spend more on rental services than any other generation in their lifetime. Furthermore, a growing number of visitors from developing countries such as India, the Philippines, and China are expected to contribute to the expansion.