How is the global real estate market evolving in 2024?.

In 2024, the global real estate market is experiencing notable evolution driven by economic changes, technological advancements, and increased focus on sustainability. Key trends include:

Key Facts

• The global real estate market is expected to reach approximately $4.5 trillion by the end of 2024.
• Urbanization continues, with over 55% of the world's population living in urban areas.
• Tech-driven solutions, such as virtual tours and blockchain, are reshaping property transactions.
• Sustainability is becoming crucial, with 70% of buyers prioritizing eco-friendly properties.

Examples or Use Cases

• Cities like Singapore are investing in smart technology to enhance property management.
• Green certifications, such as LEED, are increasingly sought after by commercial investors.

FAQs

• What factors are currently driving the real estate market? Economic recovery post-pandemic, rising interest rates, and demographic shifts are major drivers.
• How important is technology in today's real estate market? Technology plays a critical role, from improving accessibility to enhancing transaction efficiency.