EXPERTISE SECTORReal Estate

How to make sense of the real estate market: urban housing scarcity in spite of empty retail spaces

The global real estate market is projected to grow at a CAGR of 3.2%. The largest growth is displayed in the Asia-Pacific region accounting for 40% of the total market and followed by Western Europe as the second largest with 24% of the total market.

The real estate industry comprises land and improvement, which includes buildings, fixtures, roads, structures, and utility systems. The industry also consists of many facets of property functions, including development, appraisal, marketing, selling, leasing, and property management. Property rights give a title of ownership of the land, improvements, and natural resources. Generally, the industry is highly correlated to the national and local economies. The real estate industry is unique in its four economic characteristics: scarcity, value improvement, permanence of investment, and area location preference.

Land

Land is the baseline for all types of real estate properties, typically referring to undeveloped property and vacant land. Owners and developers acquire land to use it for a variety of different purposes whether to increase the value of the property, to construct buildings, or to exploit the land resources. While land can be improved to increase its value, land exploitation for its natural resources is also common. 

Residential

Residential real estate is the business of buying and selling housing for individuals, families, or groups of people. This is the one of the most common types of real estate and is the most familiar asset class. The residential sector is typically dominated by the private sector like developers, even though there are government-funded residential estates as well. The residential sector encompasses single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.

Commercial

The commercial sector refers to land and buildings that are used by businesses to carry out their operations or for any commercial purposes. This includes medical centers, office buildings, hotels, shopping malls, restaurants, individual stores, parking lots, warehouses, and many more. Commercial real estate values generally have a lagged response to economic changes. Market liquidity reflects the market perception of economic changes. Commercial real estate prices are on the decline not only as a result of the coronavirus crisis and the lockdown restrictions, but also due to structural changes and trends such as online shopping and remote working, both of which have been accelerated by the outbreak of the pandemic. The effects may permanently affect prices for commercial real estate.

Key trends in real estate industry

Virtual Real Estate Service
New Ways of Living Arrangements
Ways of Living of Gen Z
Scarcity of Urban Housing
High Prices for Buyers

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