Major companies in the real estate agency and brokerage market include Realogy Holdings Corp., Mitsui Fudosan Co. Ltd., Berkshire Hathaway Inc., CBRE Group, FirstService Corporation, Sekisui House, Savills plc, Jones Lang LaSalle Inc.
New York, 15 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Real Estate Agency and Brokerage Global Market Report 2022” – https://www.reportlinker.com/p06229745/?utm_source=GNW
Colliers International and Shimizu Corporation.
The global real estate agency and brokerage market is expected to grow from $1,221.82 billion in 2021 to $1,344.45 billion in 2022 at a compound annual growth rate (CAGR) of 10.0%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $1,912.99 billion in 2026 with a CAGR of 9.2%.
The real estate agency and brokerage services market includes sales of real estate and brokerage services by entities (organizations, sole proprietorships and partnerships) that act as agents and/or brokers for real estate activities.
The main types of real estate agencies and brokerages are residential building and housing brokers, non-residential building brokers, mini-warehouses and self-storage unit brokers and other brokers. A real estate broker is a licensed real estate broker who has completed their education and obtained a local real estate broker’s license.
The different modes include online, offline and involve different types of property such as fully furnished, semi-furnished, unfurnished.
Economic growth and a rapidly growing urban population are expected to increase the demand for residential and commercial building brokers over the forecast period. With the growing number of rural residents migrating to cities, there is a growing demand for access to affordable housing and commercial space.
This provides a significant opportunity for real estate service providers to improve housing, retail and other business services. Globally, about 60% of urban agglomerations remain to be built.
According to the World Bank, the urban population in South Asia is expected to increase by 250 million by 2031. This rapid urbanization is expected to drive the demand for real estate agencies and brokers and advance the real estate agency and brokerage market.
The coronavirus disease (COVID-19) outbreak has acted as a massive constraint on the real estate agency and brokerage market in 2020 as the need for the services offered by these establishments has diminished due to lockdowns imposed by governments around the world. whole world. illness with flu-like symptoms, including fever, cough and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in lower economic activity as countries enter a state of “lockdown” and the outbreak has negatively impacted businesses throughout 2020 and until 2021.
However, the real estate agency and brokerage market is expected to recover from the shock throughout the forecast period as it is a ‘black swan’ event and not related to any lingering weaknesses. or fundamentals of the market or the global economy.
Real estate companies are investing in artificial intelligence applications to perform various functions such as property search, building management and design. Artificial intelligence helps real estate companies find people looking to buy or sell properties, find suitable property based on customer needs, find office space based on user behavior.
According to research conducted by AI technology provider Drooms, approximately 54% of real estate professionals surveyed are already using artificial intelligence to improve keyword research and 69% believe AI empowers their businesses. a competitive advantage by enabling high-speed document searching. For example, REX, a real estate company, analyzes data from third parties such as Google to determine a person’s willingness to buy or sell a home.
WeWork, a startup that offers shared workspaces, uses artificial intelligence to design its office spaces. Skyline, an Israeli company’s artificial intelligence platform, recommends properties to real estate investors using data from more than 130 sources and considering more than 10,000 different attributes about properties.
Asia-Pacific was the largest region in the real estate agency and brokerage market in 2021. North America was the second largest region in the real estate agency and brokerage market.
Regions covered in the real estate agency and brokerage market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
The countries covered by the real estate agency and brokerage market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru , Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
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