1.2 THE GLOBAL REAL ESTATE MARKET: CURRENT AND PROJECTIONS

The global real estate market is a dynamic and ever-evolving sector, influenced by various
economic, social, and geopolitical factors. As we look ahead to 2024 and 2030, several trends and projections emerge, painting a picture of growth and transformation.

2024: A Year of Recovery and Growth

The global real estate market is currently valued at an approximate value of US$634.90 trillion. Residential real estate is dominating this market, with an approximate volume of US$516.80 trillion. This growth is driven by several factors, including the increasing demand for suburban properties due to the rise in remote work. The United States is set to the highest value in the real estate market, with an impressive approximate value of US$132.00 trillion. (source: Statista, Grand View Research & GlobeNewsWire)

2029: A Future of Expansion

Looking further ahead to 2029, the global real estate market is anticipated to grow even more significantly. The market size is expected to grow by an impressive compound annual growth rate (CAGR) of 2.77% from 2024 to 2029 resulting in a market volume of US$727.80 trillion by 2029. This growth will be fueled by rapid economic expansion in developing countries such as India, China, and several African nations. These regions are experiencing increased income levels, which in turn favor the real estate industry. (source: Statista, Grand View Research & GlobeNewsWire)