Asia Pacific is the largest region for the real estate agency market. It is currently worth $1879 billion, nearly double that of the second biggest region, North America, and three times that of Western Europe, the third biggest. By 2021, according to a report from The Business Research Company, it will be worth $2069 billion.
Population growth, rapid urbanization, and rising per capita income are driving real estate agency services growth in Asia Pacific. In China, for instance, the existing population of the country is so enormous that despite a low percentage growth rate, over 5.6 million people are added each year, whileover 30 million migrate to the cities annually. In India, population growth at 1.17% a year adds nearly 50 million people and a similar number migrate to the cities as in China. These shifts lead to phenomenal increases in the demand for housing, commercial premises and factories, to the benefit of the real estate agency market.
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India’s real estate agency market is small, worth only $43 billion in 2017, but it is the world’s fastest-growing market. China has the largest market, but it is not among the fastest-growing countries and its growth has slowed from 5.6% to 4.4% year on year.
Agency services related to land and property rental are the larger part of the global real estate agency market, worth $2400 billion. However, brokerage services, acting for the parties (most commonly the owner) in sales of land and property are increasing faster at 6.1% year on year.
The real estate market is fragmented. The top five competitors in the market made up only 0.8% of the total market in 2016. CBRE Group, Jones Lang LaSalle Inc. and New World Development Company Limited are among the bigger players. Some consolidation is taking place but merger and acquisition activities in the real estate market have been at a moderate level in the past four years.
Where to Learn More
Read Real Estate Market Global Briefing 2018 from The Business Research Company for information on the following:
Markets Covered: Rental Activities, Brokerage Services
Companies Mentioned: CBRE Group, Jones Lang LaSalle Inc., New World Development Company Limited, Colliers International, Newmark Grubb Knight Frank, Camden Property Trust, Deutsche Wohnen AG, Marcus and Millichap, HFF, RE/MAX
Geographic scope: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Market value in $ billions.
Data segmentations: Regional breakdowns, market share of competitors, key sub segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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