Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Affordable Housing Market By Providers, By Size of Unit, By Location: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global affordable housing market was valued at $52,160.2 million in 2021, and is projected to reach $84,700.0 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.
During the projected period, the market for affordable housing is projected to grow remarkably quickly. The market for affordable homes is being driven by the rise in middle class and increase in working population.
Due to this, there has been a substantial migration of migrants, especially in Tier 1 cities. These migrants are relocating for employment and educational opportunities. This is anticipated to enhance market expansion over the anticipated time frame. During the projection period, the simplicity of obtaining mortgage financing is projected to drive market expansion. In addition, it is projected that the Indian government's initiative to provide housing for everyone by FY2023 will create lucrative opportunities for market growth.
This gained traction when the union government declared in the FY2022 Budget that the option to deduct additional interest expenditures up to Rs. 1.50 lakh paid on loans for affordable housing would be extended by one year until March 31, FY2023. These governmental initiatives are what are fueling the market for affordable homes.
The demand for affordable housing is being driven by the rapid urbanization of emerging economies, where the bulk of the population is concentrated in countries like Brazil, China, India, and Eastern European countries. Developing countries create the demand for affordable housing driving the growth of the market. Moreover, all large cities in developed countries have reached a point of saturation where the growth of the urban area and the economy has either stopped or is growing at a very slow rate.
For instance, the residential real estate market in the U. S. has seen a decline in the sale of affordable housing and residential properties in significant cities like Washington, D. C., as a result of an increase in property values and a decrease in investments by foreign investors. Such instances restrain the market growth during the forecast period.
The expansion of government programs for affordable housing and cooperation among major market participants is projected to offer attractive opportunities. Surge in collaborations across Europe also suggest that the region's market for affordable housing has a promising future.
For instance, the European Affordable Housing Consortium for Sustainable Housing and Social Impact launched the SHAPE-EU initiative in March 2022.
The major players profiled in the affordable housing market include Dominium, Jonathan rose cos, Larsen & Toubro Ltd., LDG Development, TATA Projects, The NRP Group, Pennrose, Prestige Group, Related Group, and Skanska.
Major companies in the market have adopted acquisition, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the affordable housing market.
Key Market Insights
By provider, the public-private partnership segment was the highest revenue contributor to the market and is estimated to reach $46,844.3 million by 2031, with a CAGR of 4.5%. However, the government segment is estimated to be the fastest-growing segment with a CAGR of 5.2% during the forecast period.
By size of unit, the above 800 square feet segment dominated the global market. However, the 400-800 square feet segment is expected to be the fastest-growing segment with a CAGR of 5.7% during the forecast period.
Based on location, the urban segment was the highest revenue contributor to the market with a CAGR of 4.6% during the forecast period.
Based on region, Asia-Pacific garnered the largest revenue share in the market, whereas LAMEA is anticipated to grow at the highest CAGR of 8.5% during the forecast period
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $52160.2 million |
| Forecasted Market Value (USD) by 2031 | $84700 million |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Key Market Players
- Prestige group
- Dominium
- LDG Development
- Pennrose
- Tata projects
- Skanska AB
- Related Group
- Jonathan Rose Companies LLC
- The NRP Group
- Larsen & Toubro Ltd.
Key Market Segments
By Providers
- Government
- Public-Private Partnership
By Size of Unit
- Upto 400 square feet
- 400-800 square feet
- Above 800 square feet
By Location
- Urban
- Rural
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/ba2fji
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
