Wilmington, Delaware, July 30, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Real Estate Services Market by Type (Residential, Commercial, and Other Property Types), Service (Property Management, Valuation Services, and Other Services), and Application (Personal, Business, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032”. The real estate services market was valued at $105 million in 2023 and is estimated to reach $189.6 million by 2032, exhibiting a CAGR of 7.0% from 2024 to 2032.
The increase in consumer buying power is a key factor in the global real estate industry. As disposable incomes rise, consumers can access a wider range of real estate services such as renting, buying, and property investment. Buying power also dictates the types of services available to consumers, from basic to luxury options. With higher buying power, consumers are more likely to choose premium services, driving up the demand for real estate services. This trend is particularly evident in the United States, where real wages have gone up across all income brackets, benefiting middle- and lower-income families. As a result, the average American worker now has more buying power, leading to an increase in affordability and housing demand.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $105 million |
| Market Size in 2032 | $189.6 million |
| CAGR | 7.0% |
| No. of Pages in Report | 390 |
| Segments Covered | Service, Type, Application, and Region. |
| Drivers | Increase in demand for green buildings Rising demand for luxury housing Growing purchasing power of consumers |
| Opportunities | Significant technological advancements in automation and data analytics |
| Restraint | Fluctuations in real estate values and government regulations |
The residential segment held the highest market share in 2023
Based on type, the residential segment held the highest market share in 2023. The rise of remote work and the increasing popularity of flexible working schedules have sparked notable shifts in housing preferences. As more people have the option to work from any location, there is a rising desire for larger homes that can accommodate home offices or designated work areas. This has resulted in a higher demand for properties with additional rooms, bigger living spaces, and outdoor areas that are conducive to remote work and a balanced lifestyle. Moreover, there is a clear trend towards suburban and rural areas as individuals look for properties that provide more space, peace, and affordability in contrast to urban centers.
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The property management segment held the highest market share in 2023
Based on service, the property management segment held the highest market share in 2023. The rise in rental properties and investment portfolios has created a higher demand for professional property management services. With more individuals and institutional investors adding rental properties to their portfolios, the need for efficient and profitable property management has significantly increased. Property owners are now relying more on property management companies to oversee tasks such as tenant screening, rent collection, maintenance, and lease administration. This shift is especially noticeable in urban areas with high rental demand and among owners with multiple investment properties or properties in various geographic locations.
The personal segment held the highest market share in 2023
Based on application, the personal segment held the highest market share in 2023. The surge in online real estate services and platforms has revolutionized the way buyers and sellers access information and services for real estate transactions. These platforms offer a detailed and personal look at the real estate market, simplifying the process of finding and comparing properties. Moreover, the global real estate services market is transitioning towards more sustainable practices, giving rise to innovative services such as green real estate financing, green building consulting, and green building materials. These services are enhancing efficiency and sustainability in the real estate industry.
North America held the highest market share in 2023
Based on region, North America held the highest market share in 2023, The North American commercial real estate industry is seeing significant expansion, particularly in office spaces and industrial facilities. The increasing influence of technology and e-commerce is driving the need for warehouses and distribution centers, meeting the changing requirements of businesses in the digital era. Likewise, the desire for contemporary office spaces designed for collaborative work settings and innovation centers is boosting the vitality of the commercial real estate sector. The constant desire for residential properties, especially in thriving urban areas, is a major factor driving the market. As more and more people flock to cities in search of improved economic prospects and convenient amenities, the demand for housing remains consistently strong, leading to an increase in construction projects and property transactions.
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Players:
- Associa
- CBRE
- Intero Real Estate
- Pacific Real Estate Services
- Vylla
- Bellrock Group
- Centex
- PulteGroup, Inc.
- Lennar
- Tecnocasa
The report provides a detailed analysis of these key players in the global real estate services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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