Houses and Housing Estate Developments Global Market Report 2024

The houses and housing estate developments market size has grown strongly in recent years. It will grow from $72.76 billion in 2023 to $78.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed during the historical period can be attributed to various factors, including urbanization and population growth, economic expansion and heightened consumer confidence, government policies and incentives, interest rates influencing mortgage affordability, and infrastructure development contributing to increased accessibility.

The houses and housing estate developments market size is expected to see strong growth in the next few years. It will grow to $108.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period can be attributed to factors such as changing demographics and lifestyle preferences, a growing emphasis on sustainability and green building practices, the integration of technology in smart homes, initiatives promoting affordable housing, and the development of urban planning and mixed-use projects. Key trends expected in the forecast period include the implementation of virtual reality (VR) for property viewing, the adoption of modular and prefabricated construction methods, the rise of co-living and co-housing concepts, and the integration of 5G technology into housing developments. These trends reflect the evolving landscape of the real estate industry in response to technological advancements and changing consumer preferences.

The upward trajectory of urbanization is poised to drive the growth of the houses and housing estate developments market in the future. Urbanization, characterized by the migration of people from rural to urban areas in pursuit of better economic opportunities, improved social amenities, and enhanced quality of life, is fostering substantial demand for infrastructure development, particularly in real estate. This surge in urbanization is a key factor propelling the expansion of the houses and housing estate developments market. According to The World Bank's October 2022 report, around 4.4 billion people, constituting 56% of the global population, currently reside in cities. The forecast indicates an increase of 1.2 million km² in urban built-up area by 2030, driven by urban land consumption growing up to 50% faster than population growth. Hence, the anticipated rise in urbanization is expected to be a driving force for the houses and housing estate developments market.

The growth of the housing estate developments market is set to be accelerated by the increase in infrastructure expenditure by governments during the forecast period. Government infrastructure expenditure involves allocating and spending funds on the development, maintenance, and enhancement of physical structures and systems supporting societal functioning. Enhanced government spending on infrastructure can create a conducive environment for housing estate developments by stimulating demand, increasing the attractiveness of specific regions, and providing developers with opportunities to meet the growing housing needs in those areas. For example, the government of India allocated INR 10 trillion ($130.57 billion) in the Union Budget 2022-23 to boost the infrastructure sector. In the UK, the unveiling of projects in Newcastle, Cornwall, Greater Manchester, and Southampton is expected to bring economic benefits of £659.3 million ($716.982 million) through increased investment, new housing construction, and job opportunities. Therefore, the heightened government expenditure on infrastructure development is anticipated to support the growth of the housing estate developments market.

In the houses and housing estate developments market, technological advancements are emerging as a significant trend. Leading companies in this market are concentrating on developing technologically advanced solutions to fortify their market positions. For instance, Lifesize Plans, an Australia-based architecture and planning company, introduced the world's first real-scale walk-through technology in March 2023. This technology facilitates the development and construction of new housing by allowing stakeholders to virtually 'walk through' a site before construction commences, offering insights into layout, external areas, and renderings through cutting-edge projection technology. This innovation is proving beneficial across various sectors of the real estate and construction industries.

Digital transformation is a focal point for major companies in the houses and housing estate developments market, aimed at strengthening their market presence. In September 2022, Ernst & Young Transactions Limited (EY) and the Urban Land Institute (ULI) collaborated on the 'GBA prop-tech white paper' to address technology innovation and digital transformation in the real estate industry within the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). This white paper explores the current status and future opportunities in prop-tech in the GBA, with the goal of informing traditional real estate participants about the benefits of undergoing digital transformation to meet the challenges of the inventory era.

In July 2023, Megawide Construction Corp., a Philippine-based construction firm, acquired PH1 World Developers Inc. from Citicore Holdings Investments Inc., a US-based company offering engineering, construction, and renewable power generation services, for P5.2 billion ($93.8 million). The acquisition is expected to result in reduced production costs for Megawide and enhance the efficiency of the Megawide group. PH1 World Developers Inc. specializes in the design and construction of residential and commercial real estate.

Major companies operating in the houses and housing estate developments market report are D.R. Horton Inc., Lennar Corporation, PulteGroup Inc., CBRE Group Inc., Colliers International Group Inc., Brookfield Asset Management Inc., Simon Property Group Inc., China State Construction Engineering Corporation Ltd., Prologis Inc., Kaufman and Broad Home Corporation, Taylor Morrison Home Corporation, Meritage Homes Corporation, Toll Brothers Inc., Century Communities Inc., NVR Inc., Coldwell Banker Real Estate LLC, Invitation Homes Inc., AvalonBay Communities Inc., Equity Residential, Essex Property Trust Inc., Public Storage Inc., Welltower Inc., Ventas Inc., Alexandria Real Estate Equities Inc., Extra Space Storage Inc., American Tower Corporation, Boston Properties Inc., Vornado Realty Trust, Digital Realty Trust Inc., Realty Income Corporation, Kilroy Realty Corporation, Duke Realty Corporation, CyrusOne Inc., Host Hotels & Resorts Inc., Equity Lifestyle Properties Inc., UDR Inc., Mid-America Apartment Communities Inc., Sun Communities Inc., Equity Commonwealth, Store Capital Corporation.

Asia-Pacific was the largest region in the houses and housing estate developments market in 2023. The regions covered in the houses and housing estate developments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the houses and housing estate developments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of houses and housing estate developments include condominiums, villas, and other residential structures. These developments encompass various property types, including residential, commercial, industrial, land, and others. Condominiums, for instance, are individually owned units within a larger complex where owners share common areas such as gyms, pools, and parking spaces. The main types of buildings within these developments can range from smart buildings to traditional buildings, involving both new construction and renovated structures that cater to the needs of private and public end-users.

The houses and housing estate developments market research report is one of a series of new reports that provides houses and housing estate developments market statistics, including houses and housing estate developments industry global market size, regional shares, competitors with a houses and housing estate developments market share, detailed houses and housing estate developments market segments, market trends and opportunities, and any further data you may need to thrive in the houses and housing estate developments industry. This houses and housing estate developments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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