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Real Estate Market to Reach Valuation of USD 4.6 Trillion by 2028 - Increasing consumer disposable income to Drive the Market Growth
From the period 2022 to 2028, the Global Real Estate Market is expected to reach USD 4.6 Trillion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.9%.
Rapid economic growth in developing countries has raised income levels and benefited the Real Estate Market industry. Property and condominiums are bought, sold, rented, and leased in the market for commercial and residential use. The commercial Real Estate Market industry has grown dramatically in the last decade as a result of an increased number of significant companies entering the area regional market. In developing countries, government reforms, lower rents, and lower mortgage rates are expected to boost industry growth in the near future. Factors such as rising demand for residential Real Estate Market space and increased urbanization as a result of migration in search of better amenities are likely to favor market growth.
Key Highlights from the Report
Some of the key players in the Real Estate Market include [object Object] and others.
Market Dynamics:
Urbanization is propelling the residential Real Estate Market
Cities now house approximately 55% of the world's 4.2 billion inhabitants. The majority of this urbanization is taking place in cities in the developing world. With cities accounting for more than 80% of global GDP, urbanization can contribute to long-term growth if properly managed by increasing productivity and allowing for the emergence of new ideas and innovations. The rate and scale of urbanization, on the other hand, accelerate the demand for affordable housing. In recent years, significantly more land has been released for low-density development in major city growth corridors. As a result, we've seen an increase in first-time home buyers. Apartments are transitioning to a shared urban lifestyle. Since the growth of Tier 2 and Tier 3 cities, there has been a significant increase in housing demand.
Increase in Residential Property as a Result of Lower Mortgage Rates
The Credit Mortgage rates have an impact on the residential Real Estate Market by increasing the cost of financing a home purchase. According to industry experts, the current residential boom is the result of a confluence of low-interest rates, brisk demand, and supply bottlenecks. In short, it's a situation that many people are acutely aware of, with no single policy to blame and no simple solution. During the pandemic, the housing market strengthened as many people switched to working from home, putting additional living space in high demand. Consistent job growth, an all-time high stock market, rising rents, and expectations of higher mortgage rates have all fueled homebuyers. The extraordinarily low mortgage rates that have aided in the intensification of housing market demand are expected to rise further in 2021.
North America was the Real Estate Market's second-largest region. Because Generation Z accounts for nearly one-quarter of the U.S. population, the Real Estate Market rental services market is expected to grow. Furthermore, rising demand for agricultural land is expected to create lucrative opportunities for the land Real Estate Market to expand. Furthermore, an increase in government investment in infrastructure development to aid Real Estate Market is expected to provide lucrative opportunities for market growth in the future. The government is launching a slew of infrastructure-development initiatives. One of the primary drivers is economic growth.
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Real Estate Market to Reach Valuation of USD 4.6 Trillion by 2028 - Increasing consumer disposable income to Drive the Market Growth
28 Apr 2022
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Real Estate Market to Reach Valuation of USD 4.6 Trillion by 2028 - Increasing consumer disposable income to Drive the Market Growth
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