Market Research Report
Residential Real Estate Market by Budget and Size : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Residential Real Estate Market by Budget and Size : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: October 27, 2020
Allied Market Research
Content info: 433 Pages
Delivery time: 2-3 business days
Residential Real Estate Market by Budget (Less Than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, and More Than $2,000,000) and Size (Less Than 50 Square Meters, 51 to 80 Square Meters, 81 to 110 Square Meters, 111 to 200 Square Meters, and More Than 200 Square Meters): Global Opportunity Analysis and Industry Forecast, 2020-2027.
The residential real estate market was valued at $8,567.4 billion in 2019, and is expected to reach $12,182.1 billion by 2027, registering a CAGR of 9.0% from 2020 to 2027. The residential real estate market includes buying and selling of residential properties such as flats, bungalows, and villas.
The residential real estate market is mainly driven by urbanization in developing countries. People from small villages and towns are migrating to cities to improve their living standards. Increase in industries around large cities has led to expansion of cities. In addition, governments of several nations such as the U.S. and Australia offer real estate loans at lower rates for long term and concession for first time home buyers, respectively. In addition, governments of several other nations such as Poland, the U.S., and Canada offer schemes such as Golden Visa and affordable housing schemes to encourage buyers. Moreover, large number of tourist destinations in countries such as France, the Netherlands, Dubai, Singapore, and Malaysia also attract real estate buyers. However, there has been a very low rate of growth in the residential real estate market in developed nations as major cities have reached saturation considering expansion, which acts as a restrain for the market growth. In addition, during the outbreak of COVID-19, the residential real estate market around the world witnessed decline, owing to halt in construction and transaction activities in the market.
Moreover, governments in several developing nations such as India have planned new cities such as Dream City in Gujarat and New Kanpur, which would have commercial, industrial, and residential zones, which is expected to provide lucrative opportunities for the market growth.
The residential real estate market is segmented into budget and size. On the basis of budget, the market is divided into less than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, and more than $2,000,000. Depending on size, it is classified into less than 50 square meters, 51 to 80 square meters, 81 to 110 square meters, 111 to 200 square meters, and more than 200 square meters.
The major players profiled in the residential real estate market include Arabtec Holding, Christie's International Real Estate, Coldwell Banker Real Estate LLC, DLF Limited, Engel & Volkers AG, Hochtief Corporation, IJM Corporation Berhad, Lennar Corporation, Pultegroup, Inc., Raubex Group Limited, Savills plc, Sotheby's International Realty Affiliates LLC, Sun Hung Kai Properties Limited, and Vinci.
The major companies have adopted strategies such as acquisition, business development, joint venture, partnership, and product launch to offer better services to customers in the residential real estate market. For instance, in September 2019, Coldwell Banker opened a new office in Manhattan, New York City to effectively reach out to customers and offer better services. Similarly, in October 2019, Lennar signed a joint venture with Shea Homes and Woodside Homes to build luxurious homes in Las Vegas, U.S.