The Real Estate Agency and Brokerage Global Market Report 2023 by The Business Research Company, provides real estate agency and brokerage market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Real Estate Agency and Brokerage Global Market Report 2023, the global real estate agency and brokerage market size will grow from $1,318.56 billion in 2022 to $1,414.35 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of real estate agency and brokerage market is expected to grow to $1,820.99 billion in 2027 at a CAGR of 6.5%.
Economic growth and a rapidly growing urban population are expected to increase the demand for residential and commercial building brokers, during the forecast period. The increasing number of rural residents migrating into cities is resulting in an increasing demand for access to affordable housing and commercial spaces. This provides a significant opportunity for real estate service providers to improve housing, retail, and other commercial services. Globally, around 60% of urban settlements remained to be built.
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The real estate agency and brokerage market is segmented:
1) By Type: Residential Buildings And Dwellings Brokers, Non-Residential Buildings Brokers, Mini warehouses And Self-Storage Units Brokers, Other Brokers
2) By Mode: Online, Offline
3) By Property Type: Fully Furnished, Semi-Furnished, Unfurnished
Real estate companies are investing in artificial intelligence applications to perform various functions such as property search, building management, and design. Artificial intelligence is helping real estate companies to find people looking to buy or sell properties, find a suitable property based on customer requirements, and redesign office spaces based on user behavior. According to the research conducted by Drooms, AI technology providers around 54% of property professionals surveyed already use artificial intelligence to improve keyword search and 69% believe AI gives their companies a competitive advantage by enabling the high-speed search of documents. For instance, REX, a real estate company analyses data from third parties such as Google to determine the willingness of a person to buy or sell a house. WeWork, a startup that provides shared workspaces is using artificial intelligence to design its office spaces. Skyline, an Israeli company’s artificial intelligence platform recommends properties to real estate investors by using data from more than 130 sources and taking into account over 10,000 different attributes of properties’ lives.
The real estate agency and brokerage market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Real Estate Agency and Brokerage Market Characteristics
4. Real Estate Agency and Brokerage Market Product Analysis
5. Real Estate Agency and Brokerage Market Supply Chain
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26. Key Mergers And Acquisitions In The Real Estate Agency and Brokerage Market
27. Market Background: Real Estate Market
28. Recommendations
29. Appendix
30. Copyright And Disclaimer
Top Major Players:
- Realogy Holdings Corp
- Mitsui Fudosan Co. Ltd
- Berkshire Hathaway Inc
- CBRE Group
- FirstService Corporation
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