Global real estate market to grow by 20% and hit a $730 trillion value by 2028

The global housing market inflation has pushed property prices to shocking highs. Since the start of the pandemic, the median sales price of existing homes in the United States has jumped by more than $120,000 and hit $395,000 last month. The cost of a square meter of residential property in European capitals also skyrocketed and hit over €4,000 in France and Germany, or a shocking €10,000 in Portugal. And while buying a house became unaffordable to hundreds of millions of people, the latest price growth has pushed the value of the global real estate market to record highs.

According to data presented by Stocklytics.com, the global real estate market is expected to reach a value of $637 trillion in 2024, or $24 trillion more than last year. By 2028, this figure will grow by a further 20% and hit almost $730 trillion.

Real Estate Market Value to Skyrocket by Almost $100 Trillion in Four Years

The perfect storm of historically low interest rates, increased demand, and limited supply have caused property prices to snowball in recent years. This negative trend has become a topic of widespread concern, with many asking when buying a home will be affordable again. Unfortunately, the incredible surge in home prices is expected to continue in the following years, raising the already shocking value of the real estate market.

According to Statista Market Insights, last year, the global real estate market was valued at $613 trillion, up from roughly $600 trillion a year before. This figure is expected to jump by 4% and hit $637 trillion in 2024. With property prices rising, the following years will bring even more significant growth. Statista expects real estate to become a $700 trillion industry in 2027. By the end of 2028, this figure will jump to nearly $730 trillion, showing almost a $100 trillion increase in four years.

Properties in China and the United States will make nearly one-third of that value. The Chinese real estate industry is expected to hit a $153 trillion value in 2028, up from $135 trillion this year. The US market follows with an 18% four-year growth and a $143 trillion value by 2028.

The Average Value of Residential Real Estate to Jump by 11% and Hit Over $261,000 by 2028

The transaction value in the global real estate market will also increase significantly in the next four years. Statistics show that 2024 will see $8.29 trillion worth of real estate transactions, up from $7.77 trillion last year. By 2028, this figure will jump by 20% and reach almost $10 trillion.

The Statista survey also showed the average value of residential real estate would jump by 11% in this period. In 2024, the average residential real estate price is expected to amount to $234,700. Over the next four years, this figure will jump by 11% and hit over $261,000.

The full story and statistics can be found here: https://stocklytics.com/content/global-real-estate-market-to-grow-by-20-and-hit-a-730-trillion-value-by-2028/