Reports and Insights (R&I) has published a new report titled, "Real Estate Market: Opportunity Analysis and Future Assessment 2023-2031" analyzed By Property (Residential, Commercial, Industrial, and Land), By Business (Sales, Rental), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2023 and 2031.
It is quite complex to evaluate the precise share of the real estate industry to gross domestic product (GDP) as it emerges in a disintegrated and broken form in the National Accounts Statistics. Basically, the term 'real estate' can be perceived as land, comprising the ground below it and the air above it, and any structures or buildings on it.
Real estate is also commonly referred to as realty. It includes commercial places, residential dwellings, trading premises such as theatres, restaurants and hotels, retail shops, industrial buildings such as government buildings and factories.
Real estate involves the sale, purchase, and development and progress of land, residential as well as non-residential buildings. The leading participants in the real estate sector are the developers, landlords, real estate agents, builders, buyers, tenants, and many more. The proceedings of the real estate sector comprises the construction and housing sectors as well.
The exponentially rising population across the world and associated rising demand and consumption of masses for more and more residential and commercial buildings and premises is playing a major role in boosting the growth of the global real estate market.
Along with the numerous technological advancements in various industries, the real estate sector is also equipping itself with smart technological solutions, in the present age, to serve diverse alternatives of consumers. Attributing to such factors, the global real estate industry is further estimated to witness massive breakthroughs in the years to come.
In addition to that, the rapidly growing population across the globe is also positively fueling the demand of urbanization and superior quality amenities among the population, which is further playing a positive role in supporting the growth of the global real estate market.
Although the sudden outbreak of COVID-19 global crisis is likely to restrict the growth of the global real estate market in the forthcoming years. Other than that, the rising degree of understanding and awareness among the masses with regard to the real estate sector and investment in the industry have the potential to evolve into a large and important portion of wealth for over many years in future, is also accelerating the growth of the global real estate market.
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