November 1st, 2023
Top Real Estate Markets
Below are the top countries and governments focused on Real Estate Development
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The focus on real estate development varies by region, and it’s influenced by a variety of factors, including economic conditions, population growth, infrastructure development, and government policies. Though this list changes year-by-year below are the countries and governments that have recently been focused on growing their real estate sector.
Saudi Arabia
According to Mordor Intelligence, The Saudi Arabia Real Estate Market size is expected to grow from USD 64.43 billion in 2023 to USD 94.19 billion by 2028, at a rate of 7.89% during the forecast period. Saudi Arabia’s office sector remained strong, with increasing rental rates and occupancy levels in Riyadh, Jeddah, and the Eastern Province. In contrast, residential transaction volumes declined by 24.5% in 2022, but average villa prices increased in major cities.
More than 95% of the local real estate developers are primitive in their work. The old ways of doing business will prove challenging to them in supplying the market with high-quality office buildings. The Kingdom mandated that all foreign companies with contracts with the government move their head offices to Saudi Arabia. This mandate implies the country’s need for more office buildings to meet international standards and cover the huge demand for foreign companies and investors.
United States
Various cities in the United States have been experiencing robust real estate development, with major metropolitan areas like New York, Los Angeles, Miami, and Dallas seeing substantial construction and investment in commercial and residential properties. Industry leaders face a pivotal period in 2023-2024, as recent changes redefine real estate. Sustainability, tax rules, hybrid work, and tech transformation are key considerations for long-term success. Adapting to these shifts can establish a strong foundation for the future.
The U.S. residential real estate market is interestingly diverse, with the top 50 firms holding a 30-40% market share. Larger companies benefit from financial resources, while smaller ones thrive by specializing in local markets. Inflation has affected the industry, increasing spending on essentials like food and clothing, impacting homeownership.
United Arab Emirates
The UAE’s residential real estate market is set to grow at a rate of over 8% from 2022 to 2027. Government initiatives, such as expanded residency permits and the golden visa program, have boosted market sentiment. While there was a decrease in demand during the pandemic, the market has since rebounded, thanks to policy changes and increased investment opportunities for expats (Source: Mordor Intelligence). The UAE’s residential real estate market is growing more competitive due to increased infrastructure investment, relaxed regulations for foreign investors, government initiatives, and new project announcements. These developments are likely to attract a broader range of investors.
Revenue growth for developers will primarily come from recent and new sales. Mortgage transactions are unlikely to change significantly due to persistently high interest rates, but the market is predominantly cash-based, so it’s less sensitive to interest rate fluctuations. Dubai remains an attractive investment option compared to other global hubs, with prices still below peak levels, even though they are on the rise. Despite the positive outlook, Dubai’s real estate sector is prone to volatility and sentiment-driven fluctuations.
Canada
In September 2023, home sales in Canada, as reported through the MLS® Systems, saw a 1.9% decline compared to August. This decline marked the third consecutive monthly drop, but it was notably less severe than the August decrease, being approximately half the size.
Local market changes in sales activity were generally small in September, with declines in Greater Vancouver and the Greater Toronto Area offsetting gains in Edmonton, Montreal, and the Kitchener-Waterloo region.
Real Estate Marketing
Having a solid grasp of marketing fundamentals and a well-thought-out strategy to target the right audience is crucial, even in the Real Estate Industry. Roles in the industry that would require marketing experience are agents, teams and brokers. They utilize marketing not only to promote properties but also to establish their unique brands in a competitive market. Some of these tactics are very similar to traditional methods like: Social Media Marketing, Paid Advertisement, Website Development, etc.