Economic growth increases demand for the real estate agency and brokerage market
The Business Research Company Global Real Estate and Brokerage Market Report 2021 Impact and Recovery of COVID-19
LONDON, GREATER LONDON, UK, November 22, 2021 /EINPresswire.com/ – Economic growth and rapid urban population growth are expected to increase demand for residential and commercial building brokers over the forecast period. The growing number of rural residents migrating to cities is driving increasing 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. Overall, around 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 2030. This rapid urbanization is expected to stimulate demand for real estate agencies and brokers and boost the real estate agency and brokerage market.
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Real estate companies invest 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, rethink office spaces based on user behavior. According to a study by Drooms, around 54% of real estate professionals surveyed already use artificial intelligence to improve keyword research and 69% believe that AI gives their businesses a competitive advantage by enabling search for high speed documents. 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, the artificial intelligence platform of an Israeli company, recommends properties to real estate investors using data from over 130 sources and taking into account over 10,000 different attributes on properties.
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The global real estate agency and brokerage market size is expected to grow from $ 0.96 trillion in 2020 to $ 1.01 trillion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 1.35 trillion in 2025 at a CAGR of 8%.
The main players in the global real estate agency and brokerage market are CBRE Group, Jones Lang LaSalle Inc, Newmark Grubb Knight Frank, Keller Williams, Century 21.
Asia-Pacific was the largest region of the global real estate agency and brokerage market, accounting for 53% of the market in 2020. North America was the second largest region, accounting for 23% of the global agency and brokerage market. real estate brokerage. Africa was the smallest region in the global real estate agency and brokerage market.
TBRC’s global real estate agency and brokerage market is segmented by type into residential building and housing brokers, non-residential building brokers, mini-warehouses and storage unit brokers, other brokers, by online mode, offline.
Global Real Estate Agencies & Brokerage Market Report 2021 – By Type (Residential Building & Housing Brokers, Non-Residential Building Brokers, Mini Warehouses & Self Storage Unit Brokers, Other Brokers), By Mode (Online , offline), Impact COVID-19 And Recovery is part of a series of new reports from The Business Research Company that provide insight into the real estate agency and brokerage market, forecasts on the size and growth of the agency market, and real estate brokerages for the entire market, real estate agencies and brokerages market segments and geographies, real estate agencies and brokerage market trends, real estate agency and brokerage market drivers, constraints, revenues , profiles and market shares of the main competitors.
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