The value of the world’s residential real estate market reached almost $268.9 trillion USD (~£195 trillion) this year, according to research by Savills.
The mind-boggling figure was calculated up until the end of 2024, and is -2.7% lower than a year previously.
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Despite the global market value’s cooling, it remains 19% higher than it did in 2019 – something Savills says “reflects the post-pandemic surge in housing markets around the world.”
Most countries saw values grow in local currency terms, despite a cumulative global year-on-year decline.
China remains the most valuable market in the world at $74tn, but has experienced a -5.2% drop YoY. Its market still accounts for 29% of the total global value, in the face of a slowing construction sector and price cuts to property nationwide.
And while it’s worth nearly 50% more than the second-placed U.S. market, the residential market in the States grew by 5.1% YoY accounting for 18% of the world total.
Which was worth $54tn. Japan ($17tn), Germany ($14tn) and the UK ($11tn) make up the top five, respectively, accounting for nearly three quarters of the global market value (71%).
France ($9tn), Canada ($8tn), Australia ($7tn), South Korea ($6tn) and Italy ($6tn) comprise the sixth to tenth most valuable markets, with both Australia and Italy being new entrants into the top ten this year.
Other major markets in Europe have continued a steady upward climb in the global value rankings, including the Netherlands, which moved from 19th place in 2019 to 15th in 2024, and Spain, which moved from 20th to 17th in the same period.
The wide differences in proportional market values indicates an uneven distribution of wealth, Savills’ research says. “This disparity highlights potential for future value growth in heavily populated nations with fast-growing economies.”
Paul Tostevin, head of Savills World Research, dug down further: “An increase in total residential value indicates economic growth and market expansion, however can also signal squeezed housing affordability.”
It points towards Europe holding a quarter of the world’s residential real estate value despite being home to just 10% of its population, whereas its most populous country, India, sits at 16th in residential market value rankings.
North America, meanwhile, hosts just 6% of the global population, but has 22% of the entire residential wealth.
