Apartments and Other Residential Developments Global Market Report 2024

The apartments and other residential developments market size has grown rapidly in recent years. It will grow from $72.39 billion in 2023 to $81.19 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth observed during the historic period in the field of apartments and other residential developments can be attributed to several factors. These include the growth of population and urbanization, favorable economic conditions leading to increased urban job opportunities, changing demographics impacting housing needs, government policies and incentives promoting residential development, and advancements in infrastructure and transportation that enhance accessibility. These combined factors contributed to the expansion and development of residential properties during the historic period.

The apartments and other residential developments market size is expected to see rapid growth in the next few years. It will grow to $127.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period in the field of apartments and other residential developments can be attributed to several factors. These include the adoption of sustainable and green building practices, a focus on affordability and the provision of diverse housing options, initiatives promoting smart cities, increasing urbanization leading to a heightened demand for housing, and comprehensive community and amenities planning. Major trends expected in the forecast period encompass the integration of flexible living spaces, enhanced community engagement and amenities, a focus on accessibility and inclusivity, the adaptive reuse of spaces, and the adoption of technology-driven property management practices. These trends collectively contribute to the ongoing evolution and growth of the residential development sector.

The surge in the construction and housing sectors is anticipated to drive substantial growth in the apartment and other residential development markets. This upswing is attributed to various factors such as population expansion, urbanization, and economic progress, collectively contributing to heightened activities in construction and housing. This surge has notably led to increased development in apartments and other residential constructions. For instance, in June 2021, data from Stats NZ Tauranga Aotearoa indicated a 3.7% rise in building activities in March 2021, accompanied by a 4.3% upturn in residential activities during the same year. Moreover, the US Census Bureau reported a 10.2% surge in construction activities, escalating from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. This robust demand within the construction and housing industries underpins the burgeoning growth of the apartment and other residential development market.

The upward trajectory in population growth stands as a significant driver propelling the expansion of the apartments and other residential developments market. Population growth, denoting the total number of inhabitants within a defined geographical area at a given time, stimulates a heightened demand for apartments and residential developments. These accommodations offer economic prospects, improved housing accessibility, affordability, and technologically advanced infrastructures conducive to family living. For instance, as of January 2022, the United States Department of Commerce reported a population of 332,403,650 in the US, marking a 0.21% increase from 2021. This escalating population trend underpins the expanding market for apartments and other residential developments, reflecting the burgeoning need for adequate housing solutions amidst population growth.

Technological advancements constitute a pivotal trend fostering growth within the apartment and other residential development markets. Companies within this sector are embracing innovative technologies, such as 3D printing, to bolster their market positions. 3D printing, an additive manufacturing technique, finds application in generating three-dimensional structures and items for construction purposes. For instance, in April 2021, Tvasta Manufacturing Solutions Pvt. Ltd., an Indian-based construction company, unveiled India's inaugural 3D-printed house. Tvasta's 'Concrete 3D Printing' technology automates the manufacturing process for real-life three-dimensional structures, offering substantial cost savings of up to 30% in construction expenses. This innovative method brings forth various advantages, including decreased construction timelines, reduced carbon footprints, heightened productivity, and the utilization of eco-friendly materials, emblematic of the transformative potential of technological advancements in the realm of residential development.

Prominent companies within the apartments and residential developments sector are concentrating on technological innovations, notably Artificial Intelligence (AI)-enabled virtual apartments, to gain a competitive edge in the market. AI-enabled virtual apartments represent cutting-edge living spaces, offering unique and technologically sophisticated experiences. For instance, in February 2023, RFOX, a metaverse company based in the United Arab Emirates, unveiled AI-enabled virtual apartments. These apartments leverage AI tools to dynamically modify their virtual environment, curating personalized and distinctive surroundings for occupants. Residents have the opportunity to employ OpenAI integrations for personalized assistance and content creation, enhancing their living experiences within these technologically advanced spaces.

In July 2022, Ascott Limited, a Singapore-based real estate investment management firm, completed the acquisition of Oakwood Worldwide for an undisclosed sum. This acquisition significantly broadened Ascott's portfolio by integrating 81 properties and approximately 15,000 units. Oakwood Worldwide, a US-based entity specializing in corporate housing and serviced apartment solutions, brought an array of assets that enriched and diversified Ascott's real estate offerings. This acquisition serves as a strategic expansion, amplifying Ascott Limited's foothold in the market, fortifying its position through the integration of Oakwood's assets and expertise in corporate housing and serviced apartments.

Major companies operating in the apartments and other residential developments market report are CBRE Group Inc., Brookfield Asset Management, Anywhere Real Estate Inc., Delhi Land & Finance Limited, Simon Property Group LP, New World Development Company Limited, IJM Corporation Berhad, Lennar Corporation, Pultegroup Inc., Raubex Group Limited, Sun Hung Kai Properties Limited, Mill Creek Residential Trust LLC, Trammell Crow Company, JPI Companies, Vinci SA, Greystar Real Estate Partners LLC, AvalonBay Communities Inc., Equity Residential, Bozzuto Group, Essex Property Trust Inc., UDR Inc., Camden Property Trust, Gables Residential Trust, Mid-America Apartment Communities Inc., Cortland Partners LLC, Alliance Residential Company, Lincoln Property Company, Berkshire Residential Investments, Related Companies LP, Apartment Investment and Management Company, BRE Properties Inc..

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

The primary types of apartments and other residential developments include houses and housing estate developments, apartments, and other housing structures. Houses and housing estate developments involve the construction of individual residences or grouped flat houses with similar designs, typically managed, sold, or leased by a single management company. These services are provided by both large chain companies and independent contractors, with offerings available through various sales channels, including new construction and renovation.

The apartments and other residential developments market research report are one of a series of new reports that provides apartments and other residential developments market statistics, including apartments and other residential developments industry global market size, regional shares, competitors with a apartments and other residential developments market share, detailed apartments and other residential developments market segments, market trends and opportunities, and any further data you may need to thrive in the apartments and other residential developments industry. These apartments and other residential developments market research report deliver 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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