New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Apartments And Other Residential Developments Global Market Report 2023" - https://www.reportlinker.com/p06464076/?utm_source=GNW
P., New World Development Company Limited, IJM Corporation Berhad, Lennar Corporation, Pultegroup Inc., Raubex Group Limited, Sun Hung Kai Properties Limited, Mill Creek Residential, Trammell Crow Residential, JPI Companies, and Vinci SA.
The global apartments and other residential developments market is expected to grow from $64.55 billion in 2022 to $72.77 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The apartments and other residential developments market is expected to reach $113.91 billion in 2027 at a CAGR of 11.9%.
The apartments and other residential developments market include revenues earned by entities by developing hostels, condominiums, farmhouses, and lodging houses.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Apartments and other residential development are referred to as the development of various residential buildings that provide living accommodations for one or more people.Apartments are other residential buildings that typically contain separate living units for multiple families or individuals.
Single-family homes, multi-family homes, and apartments are all included in this category.
Asia-Pacific was the largest region in the apartments and other residential developments market in 2022. The regions covered in apartments and other residential developments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of apartments and other residential developments are houses and housing estate developments, apartments, and others.Houses and housing estate developments refer to a collection of individual residences or flat houses of similar design that are typically built, sold, or leased by a single management company.
These services are offered by large chain companies and independent contractors. These services are sold through various sales types such as new construction, and renovation.
The rise in the construction and housing industries is expected to propel the growth of the apartment and other residential development markets.The construction and housing industries have seen a surge, owing to a combination of variables like population growth, urbanization, and economic development.
This demographic shift has resulted in an increase in the development of apartments and other residential construction. For instance, in June 2021, according to the Stats NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose by 4.3% compared to 2020. Additionally, according to US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2%. Therefore, an increasing demand for the rise in the construction and housing industries is driving the growth of the apartment and other residential development market.
Technological advancements are a key trend gaining popularity in the apartment and other residential development markets. Companies operating in the apartment and other residential developments market are adopting new technologies, such as 3D printing, to sustain their position in the market. 3D printing refers to the use of additive manufacturing techniques to generate three-dimensional items and structures for building applications. For instance, in April 2021, Tvasta Manufacturing Solutions Pvt. Ltd., an Indian-based construction company, launched India’s first 3D-printed house. Tvasta’s ’Concrete 3D Printing’ is an automated manufacturing technique to create three-dimensional real-life structures. This method saves 30% on construction costs and has several advantages, including a reduction in overall construction costs by order of magnitude, a reduction in construction time, a reduction in associated carbon footprint, an increase in productivity, and the use of environmentally friendly materials.
In July 2022, Ascott Limited, a Singapore-based real estate investment management company, acquired Oakwood Worldwide for an undisclosed amount.This acquisition expanded, diversified, and enriched Ascott’s portfolio by 81 properties and approximately 15,000 units.
Oakwood Worldwide is a US-based company that provides corporate housing and serviced apartment solutions.
The countries covered in the apartments and other residential developments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The apartments and other residential developments market research report are one of a series of new reports that provides apartments and other residential developments market statistics, including apartments and other residential developments industry global market size, regional shares, competitors with a apartments and other residential developments market share, detailed apartments and other residential developments market segments, market trends and opportunities, and any further data you may need to thrive in the apartments and other residential developments industry. These apartments and other residential developments market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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