The global real estate market is booming and developing really fast. The market has doubled its value since 2012 and now is estimated at $45 trillion. It is forecasted to achieve the point of about $69 trillion by 2030. Such an expansion always leads to great opportunities and development. Technology is the key driver for real estate breakthrough. Tech solutions change the way people buy, sell, choose, rent, and interact with properties. Those real estate managers who don’t accept this key driver will be left far behind.
To be more concrete:
- In the US there are up to 335,000 real estate companies. They make $380 billion annual revenue and employ about 3 million people.
- In the UK, there are 113,000 real estate businesses. The commercial real estate market size is estimated to be €250 billion. It employs about 514,000 people.
Urbanization is a strong upward trend. Cities will turn to business hubs and generators of opportunities. About 7 billion people will migrate to cities by 2050. It is 75% more than a decade ago. Tech growth and population migration are leading to new investments. Annual housing completions will reach almost 1.5 million in the US, 220,046 in the UK, and 184,135 in Germany. The volume of building activity will be huge.