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I AgreeAnalysis of Real Estate Brokerage Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global real estate brokerage market is expected to reach a size of US$ 792 billion in 2023 and climb to US$ 1,365.7 billion by the end of 2033, expanding at a CAGR of 5.6% over the next ten years.
The global increase in population, urbanization, and wealth accretion of the youth population are major factors driving real estate construction worldwide. With this increase in real estate construction, the demand for real estate brokers is also rising. Brokers offer services regarding the search for properties and assist people in buying and selling properties efficiently. They are also popular among the working youth who are looking for properties on lease.
Real estate brokers know about properties and the latest trends in the real estate industry. They have professional networks and offer valuable price guidance to customers. They help clients in fulfilling their requirements regarding property purchase, sales, and renting. Additionally, government schemes and policies for people regarding real estate construction and supporting customers to own property are also expected to fuel market growth over the coming years.
The market in East Asia is expected to progress at the highest CAGR of 6.6% through 2033. Increase in disposable income, growth in urbanization, and government support to increase homeownership will escalate market growth in the region.
Report Attributes |
Details |
Market Size (2022A) |
US$ 750 Billion |
Estimated Market Value (2023E) |
US$ 792 Billion |
Forecasted Market Value (2033F) |
US$ 1,365.7 Billion |
Global Market Growth Rate (2023-2033) |
~5.6% CAGR |
North America Market Share (2022) |
~41.0% |
East Asia Market Growth Rate (2023-2033) |
~6.6% CAGR |
United States Market Growth Rate (2023-2033) |
~5.4% CAGR |
Key Companies Profiled |
|
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“Rising Real Estate Prices across Regions”
Growing real estate prices worldwide are a leading factor driving the demand for real estate brokerage. People are facing difficulties regarding the purchase of new properties. This is leading them to shift their focus towards the occupation of residential houses on rent.
With the increasing focus of people on rental houses, demand for real estate brokers is rising, who navigate clients and help them in finding rented properties. Brokers are both individuals and organizations who have extensive market knowledge and a professional network through which they help clients find a property on rent. These brokers charge clients a fee as a commission for their services, which will lead to the expansion of the market over the coming period.
“Technological Innovation in Real Estate Brokerage Industry”
Technology is positively transforming the real estate brokerage industry with the implementation of artificial intelligence and 3D virtual tours. Real estate companies are integrating artificial intelligence in online platforms to perform various functions relevant to property search and management.
Artificial intelligence is an essential tool to cater to people looking to buy or sell a property, detecting suitable properties specific to client needs, and others.
Additionally, 3D virtual tours are gaining popularity among people and real estate companies to offer a real-life experience to customers to let them know if a property is suitable and according to their requirements. With the integration of advanced technology for property search, brokers benefit by interacting with a large number of people looking for properties and expanding their business growth.
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“Evolution of Online Platforms Connecting Buyers Directly to Customers”
The market is expected to be hampered by the evolution of online platforms that connect buyers and tenants directly to customers and does away with agents, brokers, and other intermediates. This is resulting in a decline in brokers’ revenue generated out of the commission that they charge to customers while buying, selling, or renting properties.
Owing to the evolution of apps that avoid brokerage fees and connect owners and buyers or tenants directly, the market is expected to observe a decline in revenue growth to some extent.
Market share analysis of real estate brokerage based on property type and region. Under the property type segment, residential properties account for 64%
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The United States exhibits the most demand for real estate brokers in the world. Factors such as the unaffordability of homes, growing population, and increase in immigration in the region are driving market growth.
With the rise in population and increase in immigration, people are significantly demanding residential spaces. This is stimulating the demand for real estate brokers and agents who help people in finding living spaces are per their requirements. Additionally, increasing prices of houses in the country have stimulated the demand for rental living places.
For instance, it has been observed that home prices have increased by 30%-40% in the country, whereas, rent rates have also grown by 20%-45%. Brokers help customers in finding affordable living spaces for a fee. This is resulting in high demand for real estate agents in the caountry.
The government in China is notably investing in the development of infrastructure and the real estate sector due to the year-on-year rise in the urban population in the country. Real estate brokers are expected to observe positive demand with the increasing development of houses and people's preference towards owning a living space.
Owing to these factors, home affordability of Chinese people is expected to rise over the coming period, which will manifest the demand for real estate brokers and agents.
Online platforms are gaining tremendous popularity in the real estate industry. Real estate organizations, brokers, or agents are using software and applications which helps customer to search for properties as per their needs. Buyers and sellers both can choose a prominent customer by efficiently disintegrating process running charges and communicating directly to the customer.
Along with buying or selling a property, these websites, apps, and software provide legal advice, documentation, and financial loan offering services to the client in the efficient processing of property deals.
Additionally, the integration of advanced technologies with online platforms, such as artificial intelligence and 3D virtual views of properties is substantially helping real estate brokers reach potential customers with accurate data and connect with them directly.
Real estate owners are making substantial revenue from residential property deals. The significant growth in urbanization coupled with an increase in disposable income of people is a major factor attributing to the positive hike in homeownership worldwide.
Real estate brokers are gaining substantial demand in offering services relevant to residential property as they are considered to have brief knowledge about property search, negotiation abilities, and understanding of the requirement of the customer.
Demand for real estate brokers in residential property search is been also driven by the presence of favorable government norms such as the Pradhan Mantri Awas Yojana (India) and Single Family Housing Programs (United States) promoting homeownership for the population. Additionally, a growing trend for a nuclear family supported by an increase in the working population has stimulated the demand for residential properties on rent and is projected to drive the demand for brokers in the years ahead.
Key providers of real estate brokerage services are CBRE Group, Century 21, Colliers International, Compass, Cushman Wakefield, Inc., Eastdil Secured, ERA Real Estate, eXp Realty, Home Services of America, IQI Global, Jones Lang LaSalle Inc., Keller Williams Realty, Inc., Newmark Grubb Knight Frank, RE/MAX, Realogy Holdings Corp., Realty One Group Inc., Savills Plc, and Sotheby’s International Realty.
The market is highly fragmented with the presence of various large and small players. These market players are taking strategic moves relevant to the shift from the traditional approach to the modern one by using online platforms. Also, mergers and acquisitions are other strategic moves being observed in the industry by market players to enhance their service offerings and footprints in both domestic and international marketplaces.
For instance :
Fact.MR has provided detailed information about the providers of real estate brokerage services positioned across regions, revenue growth, and service offering expansion, in the recently published report.
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The global real estate brokerage market was estimated at US$ 750 billion in 2022.
Growth rate of the global real estate agency and brokerage market is predicted at a CAGR of 5.6% through 2033.
Demand for real estate agency & brokerage services is estimated to be valued at US$ 1,365.7 billion by 2033.
China’s market is expected to grow at the highest CAGR of 6.9% through 2033.
The residential sector accounts for 64% share of the global real estate brokerage market.