| Source: Market.Us
New York City, New York, UNITED STATES
New York, Sept. 15, 2023 (GLOBE NEWSWIRE) — According to Market.us, the real estate market size is projected to surpass around USD 8.52 trillion by 2032, and it is poised to reach a registered CAGR of 5.3% from 2023 to 2032.
Real estate, comprising properties, land, and infrastructure like roads, utilities, and bridges, is a substantial asset class and a durable investment. Its contributions extend to job creation, wealth generation, and economic development. Experts such as real estate agents, appraisers, developers, property managers, builders, and brokers operate within this sector. Economic expansion, demographic shifts, governmental regulations, and interest rates shape real estate market dynamics. Market demand can vary, and zoning laws, construction standards, and land accessibility can influence supply.
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Key Takeaway:
Factors affecting the growth of the Real Estate industry?
There are several factors that can have an impact on the growth of the real estate industry, including:
Top Trends in the Real Estate Market
The increasing use of technology includes virtual reality tours, smart home features, and online property listings. The increasing demand for sustainable and energy-efficient buildings can reduce operating costs and appeal to environmentally conscious buyers. Additionally, there is rising interest in urbanization as more people seek the convenience and amenities of city living, which has led to the development of mixed-use properties that combine residential, commercial, and retail spaces in a single building. Furthermore, the pandemic has accelerated trends like remote work, which has led to increased demand for homes with dedicated office space or outdoor areas. These trends will likely continue shaping the real estate market in the coming years as buyers and sellers adapt to changing preferences and technologies.
Market Growth
The global real estate market has witnessed significant growth in recent years, and this growth has been driven by various factors, including strong economic growth, increasing urbanization, and low-interest rates. There has been increasing demand for commercial real estate, specifically in the retail & hospitality sectors. In the residential real estate market, there has been increasing demand for properties in urban areas, specifically in cities that offer a good quality of life, amenities like restaurants, and good transport links. At the same time, there has been an increasing interest in sustainable & and energy-efficient buildings, which can help to reduce operating costs. Overall, the global real estate market is expected to continue growing in the coming years and is driven by factors like urbanization, strong economic growth, and an increase in population.
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Regional Analysis
North America is the most dominant market in the global Real Estate market, with a share of 51.9% during the forecasted period. North America has been a significant contributor to the global real estate market, with the U.S. being the largest market in the region. Factors like urbanization, low-interest rates, government incentives, and population growth drive the real estate market growth. Additionally, the U.S. real estate market has attracted significant investment from international buyers, further fuelling its growth.
Competitive Landscape
A small number of established players as the new entrants characterize the market. The real estate market is a growing trend that many big players are focusing on, and to maintain their market share, players in the market diversify the services they offer.
Listed below are some of the most important real estate industry players.
Key Market Players:
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Scope of the Report
Market Drivers
Various key drivers influence the real estate market. Interest rates are a significant factor impacting borrowing costs and property demand. Low rates make it easier to secure financing, driving up demand and prices, while high rates can reduce demand. Demographic trends, like population growth and changing household sizes, also shape housing demand. Government policies, including tax incentives and regulations, play a role in property investment. Technological advancements, such as online property platforms and smart home tech, enhance transparency and property design, further defining the real estate market’s dynamics.
Market Restraints
Economic conditions, government policies, tax regulations, and social factors collectively influence the real estate market. Economic uncertainties and recessions can reduce property investment and development demand. Government regulations, including building codes and zoning laws, shape property availability and development types. Tax policies, such as property and capital gains taxes, affect investment profitability. Lastly, changing demographics and cultural shifts impact property demand, influencing new development designs and locations, making these factors important considerations in the real estate industry.
Market Opportunities
The real estate sector offers many investment opportunities, catering to developers, investors, and industry participants. Property investment, a common avenue, involves purchasing properties to generate income through rent or capital appreciation. Real estate development, another option, adds value through construction or renovation. Property management is crucial for long-term success, while real estate financing & lending enable investors to fund projects for returns. The burgeoning real estate technology sector provides innovative solutions, opening new avenues for investors and developers. The real estate market’s diversity makes it an appealing industry for investment and career prospects.
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Report Segmentation of the Real Estate Market
Property Insight
The real estate market comprises sales, rental, and lease types, with rentals holding the dominant position with a 53.2% market share and a CAGR of 5.6%. This is especially evident in areas with high demand for rental properties, such as college towns and urban centers. Rental properties provide investors with a reliable income stream through rent collection. The COVID-19 pandemic has increased demand for rental properties due to concerns and uncertainties.
Type Insight
The sales segment dominated the real estate market in 2022, and it is expected to grow at a CAGR of 6.5% and a market value of 32.8%. This growth is driven by population growth, urbanization, increased demand for residential properties, remote work, and the pandemic-induced desire for more space, leading to a higher demand for larger homes with additional features like home offices or outdoor spaces.
Mode Insight
The offline mode holds a dominant market share of 68.7% and is projected to grow at a 6.2% CAGR in the forecasted period. This traditional mode of property transaction is favored by many due to the substantial nature of real estate investments. Buyers often seek the assistance of agents or brokers to navigate the intricate process, benefitting from personalized face-to-face interactions. Additionally, the transaction involves significant legal and financial complexities, often requiring the involvement of attorneys. Offline mode facilitates comprehensive support for buyers and sellers, ensuring a smoother and more secure property transaction process.
Market Segmentation
By Property
By Type
By Mode
By Geography
Recent Developments of the Real Estate Market
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