Overview and Scope
Apartments and other residential development are referred to as the development of various residential buildings that provide living accommodations for one or more people. Apartments are other residential buildings that typically contain separate living units for multiple families or individuals. Single-family homes, multi-family homes, and apartments are all included in this category.
Sizing and Forecast
The apartments and other residential developments market size has grown rapidly in recent years. It will grow from $72.39 billion in 2023 to $81.19 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to growth of population and urbanization, economic conditions and urban job opportunities, changing demographics, government policies and incentives, infrastructure and transportation developments..
The apartments and other residential developments market size is expected to see rapid growth in the next few years. It will grow to $127.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to sustainable and green building practices, affordability and diverse housing options, smart city initiatives, rising urbanization and housing demand, community and amenities planning.. Major trends in the forecast period include flexible living spaces, community engagement and amenities, accessibility and inclusivity, adaptive reuse of spaces, technology-driven property management..
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Segmentation & Regional Insights
The apartments and other residential developments market covered in this report is segmented –
1) By Type: Houses And Housing Estate Developments, Apartments, Other Residential Developments
2) By Service: Large Chain Companies, Independent Contractors
3) By Sales Type: New Construction, Renovation
Asia-Pacific was the largest region in the apartments and other residential developments market in 2023. The regions covered in the apartments and other residential developments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the construction and housing industries is expected to propel the growth of the apartment and other residential development markets. The construction and housing industries have seen a surge, owing to a combination of variables like population growth, urbanization, and economic development. This demographic shift has resulted in an increase in the development of apartments and other residential construction. For instance, in June 2021, according to the Stats NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose by 4.3%. Additionally, according to US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2%. Therefore, an increasing demand for the rise in the construction and housing industries is driving the growth of the apartment and other residential development market.
Key Industry Players
Major companies operating in the apartments and other residential developments market are focusing on innovating technological products, such as the artificial Intelligence (AI)-enabled virtual apartments, to provide a competitive edge in the market. Artificial Intelligence (AI)-enabled virtual apartments is a state-of-the-art apartment that provide a unique and technologically advanced living experience. For instance, in February 2023, RFOX, a United Arab Emirates metaverse company launched artificial Intelligence (AI)-enabled virtual apartments. Artificial Intelligence (AI)-enabled virtual apartments use AI tools to change and alter the look and feel of their virtual environment, to create personal and unique surroundings. Apartment owners can utilize OpenAI integrations for personal assistance, and content creation.
The apartments and other residential developments market report table of contents includes:
1. Executive Summary
2. Apartments And Other Residential Developments Market Characteristics
3. Apartments And Other Residential Developments Market Trends And Strategies
4. Apartments And Other Residential Developments Market – Macro Economic Scenario
5. Global Apartments And Other Residential Developments Market Size and Growth
……………………………….
31. Global Apartments And Other Residential Developments Market Competitive Benchmarking
32. Global Apartments And Other Residential Developments Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Apartments And Other Residential Developments Market
34. Apartments And Other Residential Developments Market Future Outlook and Potential Analysis
35. Appendix
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