According to a recent report published by Allied Market Research, titled, “Residential Real Estate Market by Budget and Size: Opportunity Analysis and Industry Forecast, 2020–2027,” the residential real estate market size accounted for $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. In 2019, the less than $300,000 segment dominated the residential real estate market, followed by the $300,001 to $700,000 segment.
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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 & Völkers 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 residential real estate market includes revenue generated by buying and selling of residential properties that consist of mini-flats, studio apartments, bungalows, and villas.
The residential real estate market is mainly driven by rise in urbanization in developing countries. In addition, rise in population has led to rise in demand for residential properties. Moreover, several government policies such as Golden Visa, low interest rate on loans, and affordable housing schemes also propel the market growth.
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However, there is excess construction of residential properties in developed countries, which has increased the demand and supply gap and brought the residential real estate market to a saturation point. In addition, owing to the outbreak of COVID-19, lockdown was announced, which, in turn, led to a halt in construction activities as well as impacted transactions in the market. Moreover, several countries such as South Korea are planning and expanding cities such Gangnam and Gangbuk, which are anticipated to boost the market growth.
The report analyzes the residential real estate market by 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.
Key Findings Of The Study
- By budget, the less than $300,000 segment was the highest revenue contributor in 2019.
- By size, the less than 50 square meters segment generated the highest revenue in 2019.