Real Estate Agency and Brokerage Market Growth Trajectory Through 2024-2033|Anywhere Real Estate Inc., Mitsui Fudosan Co., Ltd., Berkshire Hathaway Inc., CBRE Group, FirstService Corporation

Handshake Real estate brokerage agent Deliver a sample of a model house to the customer, mortgage loan agreement Making lease and buy and sell house And contract home insurance mortgage loan concept

The Real Estate Agency and Brokerage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Real Estate Agency and Brokerage, The real estate agency and brokerage market size has grown strongly in recent years. It will grow from $1414.75 billion in 2023 to $1508.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in disposable income and government initiatives.

The real estate agency and brokerage market size is expected to see strong growth in the next few years. It will grow to $1917.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing investment in infrastructure, a rising population, and increasing urbanization. Major trends in the forecast period include focus on metaverse in real estate agency and brokerage, use of ar (augmented reality) and vr (virtual reality), use of artificial intelligence, launch of consumer-facing websites, mobile platforms for real estate agency and brokerage, focus on innovative solutions and strategic partnerships and collaborations.

Economic growth and a rapidly growing urban population are expected to increase the demand for real estate agency and brokerage, 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. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2031. This rapid urbanization is expected to boost the demand for real estate agencies and brokers and drive the real estate agency and brokerage market going forward.

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The real estate agency and brokerage market covered in this report 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: