Residential Real Estate Market Gaining Momentum as Rising Incomes and Technological Advancements Shape Urban Housing Demand

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Residential Real Estate Market- (By Type (Apartments And Condominiums, Landed Houses And Villas), By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Global Residential Real Estate Market is valued at USD 10.9 trillion in 2024, and it is expected to reach USD 22.2 trillion by the year 2034, with a CAGR of 7.8% during the forecast period of 2025-2034.

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The sector of the economy that deals with the buying, selling, leasing, and renting of real estate for private use is known as the residential real estate market. Townhouses, apartments, condominiums, single-family homes, and multifamily units are among the many types of properties available in this market. It caters to families, investors, and those wishing to purchase homes or turn them into assets that may be used to make money. The growing middle class with rising disposable incomes, supportive government policies that support affordable housing, and urbanization trends that create a high demand for residential real estate in large cities are some of the causes driving this expansion. Additionally, government programs supporting affordable housing and the expansion of infrastructure in tier-2 and tier-3 cities are driving market expansion. Nevertheless, market dynamics are still influenced by elements including shifting interest rates, modifications to regulations, and difficulties acquiring land. Furthermore, as customers' awareness of the environment grows, the market observes a growing preference for eco-friendly and sustainable dwelling solutions.

List of Prominent Players in the Residential Real Estate Market:
• Christie International Real Estate
• Coldwell Banker Real Estate Company
• Al Habtoor Group
• DLF Ltd
• Keller Williams Realty
• Brookfield Asset Management
• CBRE Group, Inc.
• AvalonBay Communities, Inc.
• Equity Residential
• Greystar Real Estate Partners
• Emaar Properties
• Greenland Holdings
• Frasers Property
• Harcourts International
• Engel & Völkers
• Vonovia SE

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Market Dynamics:
Drivers-
The future expansion of the residential real estate industry is anticipated to be driven by the growing demand for residential properties. One or more rooms with the amenities and utilities required to satisfy an individual's or family's living needs make up a residential building. Residential real estate is growing as a result of the increased demand for housing, high-rise, and mixed-use building construction, and chances for urban renewal and redevelopment. For instance, in March 2023, the United States Census Bureau, a main agency of the federal statistics system established in the United States, reported that, on a seasonally adjusted annual basis, there were 1,524,000 privately owned housing units authorized by building permits in February. The January rate, which was adjusted to 1,339,000, is 13.8% lower than this. Thus, the residential real estate industry is driven by the growing demand for residential houses.

Challenges:
In a regulatory framework where development standards and compliance requirements are stable, the real estate market functions best. Nevertheless, the existing regulatory environment at the federal, state, and local levels does not provide real estate owners and operators with the clarity, robustness, predictability, and stability they require. Increased expenses, effort, danger, and uncertainty in finishing development projects and managing existing assets might result from this instability. Global authorities are also putting laws and regulations into effect that concentrate on the assessment and disclosure of real estate assets according to Environmental, Social, and Governance (ESG) standards. The sector is already complicated, and these restrictions make it even more so.

Regional Trends:
The North American Residential Real Estate market is anticipated to register a major market share in terms of revenue. The high per capita income levels in the US and Canada are making more and more people want to own rather than rent their homes. Real estate investments are also popular since they can yield higher returns in the future due to growing rents in both developed and developing areas. These reasons drive the market in North America. The market is also impacted by technical developments like home automation, changing consumer preferences, legal changes, and creative commercial strategies.

Besides, over the projection period, Asia Pacific is expected to increase at the fastest rate. This expansion has raised demand for spacious accommodations due in large part to population growth and rising spending power. Economic fundamentals like GDP per capita and fast urbanization have been the driving forces behind the construction of new housing units, especially in countries like China and India. Additionally, the unsold inventory overhang brought on by both domestic demand and foreign homebuyers has created investment opportunities in under-construction houses.

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Recent Development:
• April 2024: The US-based real estate technology startup Alpha Tech Corp. introduced Claire, an AI-powered smart buyer's agent that offers a free substitute for traditional agents and helps homeowners from the beginning of the property search to the closing. Using more than 400 data attributes and a conversational interface that is available around the clock, Claire matches buyers with houses and assists with negotiations, offers, and tours. With this launch, the residential real estate sector is making a big change toward a zero-commission model, which could save purchasers billions of dollars in realtor costs.
• March 2023: Lincoln Residential was purchased by the Canadian real estate firm Cadillac Fairview Corporation Limited for an unknown sum. Through this transaction, Cadillac Fairview Corporation is able to improve its client offers, grow its market share, and establish a stronger footprint in residential real estate. Multifamily residential property development, acquisition, and management are the areas of expertise for Lincoln Residential, a US-based real estate development and management firm.
• September 2022: The MLS Suite for Multiple Listing Services for AI in real estate was introduced by Restb.ai, a Spanish computer vision company. The AI-powered solutions were developed to increase the value of MLS data, automate the listing entry process, and safeguard IDX and VOW website users. AI tagging, compliance, MLS match, and property descriptions are the primary solutions provided to MLS.

Segmentation of Residential Real Estate Market-
By Type-
• Condominiums and Apartments
• Villas and Landed House
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/residential-real-estate-market/3035

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.