Global Residential Market Analysis 2020-2030
The global residential land planning and development market is expected to grow from $91.5 billion in 2019 to $94.1 billion in 2020 at a compound annual growth rate (CAGR) of 2.9%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $128.4 billion in 2023. The Asia Pacific was the largest region in the global residential land planning and development market, accounting for 45% of the market in 2019. North America was the second largest region accounting for 24% of the global residential land planning and development market. Africa was the smallest region in the global residential land planning and development market. Residential Land Market is expanding with the increase in the augmented reality in today’s life. Augmented Reality has enabled real estate constructors to diversify their operations and providing customer’s to experience property before committing to a transaction. A digital image can be projected or overlayed on the physical world by use of AR. It is possible for users of AR to modify the image that is projected or overlayed. Prospective purchasers or tenants can customize the experience by visual alterations. The increase in the adaption of AR could help in the reduction of error in property operation and results in the increase in the residential land market. The residential land development market consists of the sales revenues earned by entities (organizations, sole traders and partnerships) that service land and subdivide real property into lots, for subsequent sale to builders for residential construction. Servicing of land may include excavation work for installation of roads and utility lines.
Tags : INTERNATIONAL development residential market COVID-19 Global Analysis