Real Estate Market Set to Soar to $4.9 Trillion by 2031 with a Steady 5.3% CAGR from 2022 Onward

The global real estate market was valued at $28,917.7 billion in 2021, and is projected to reach $4,923.3 billion by 2031, registering a CAGR of 5.3% from 2022 to 2031 .

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The real estate market is poised for healthy growth in the forecast period, driven by factors such as rising population and the desire for personal household space. Commercial real estate emerged as a key driver of industry expansion in 2021.

However, the COVID-19 pandemic cast a shadow over market growth, particularly impacting retail due to lockdown measures and movement restrictions. The resultant delay in new construction projects and sluggish industry growth were evident in the initial months of the crisis.

Despite the pandemic-induced slump in home sales, real estate activity rebounded, reaching pre-pandemic levels as potential buyers resumed their search for homes. According to the National Association of Realtors, pending sales in U.S. metro areas, down over 30% in April 2020, surged nearly 30% by August 2020.

Furthermore, the internet's influence heightened consumer awareness of online real estate services. Major players introduced innovative services like live-streaming rooms to capture market share. Alibaba reported over 5,000 real estate agents across nearly 100 locations in China adopting live-streaming rooms, facilitating home exploration and deals remotely.

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Government initiatives also bolster market growth, with collaborations aimed at sectoral development. India's Smart City Project, targeting the development of 100 smart cities, presents opportunities for the real estate sector. Additionally, the Reserve Bank of India's decision to maintain the benchmark interest rate at 4% in October 2021 is expected to stimulate housing demand, potentially boosting sales by 35-40% during the 2021 holiday season.

In terms of property insights, residential properties lead the market, driven by millennials' increasing preference for homeownership. Commercial properties are projected to grow at a CAGR of 5.1% from 2022 to 2030, buoyed by the burgeoning tourism sector and the rise in hotels and resorts. Notably, Citadines Apart' Hotels emerged as the most active hotel brand in Thailand in 2020, with five projects comprising 945 rooms.

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Key players in the global real estate market, including Brookfield Asset Management Inc., ATC IP LLC, Prologis, Inc., SIMON PROPERTY GROUP, L.P., Coldwell Banker, RE/MAX, LLC., Keller Williams Realty, Inc., CBRE Group, Inc., Sotheby's International Realty Affiliates LLC., and Colliers, employ various strategies to fortify their market positions, such as mergers, acquisitions, and new service offerings.

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