Real Estate Retains Position World’s Largest Store Wealth Worth Us3933 Tril Savills
According to a recent study conducted by Savills, property has once again proven its title as the world’s greatest store of wealth. The global real estate services provider has revealed that the total value of all real estate in the world, including residential, commercial, and agricultural land, stands at a staggering US$393.3 trillion ($507.1 trillion) at the beginning of this year. This figure represents a slight decline of 0.5% from the previous year, mainly due to a 2.7% reduction in the value of global residential properties at US$286.9 trillion. The decline in overall value can be attributed to falling property prices in China, which accounts for nearly a quarter of the global residential market.
However, despite the slight decline, real estate continues to dominate as the largest asset class globally, surpassing the value of debt securities (US$144.8 trillion) and equities (US$135.7 trillion) as of the start of 2021. It also exceeds the total value of all the gold ever mined, which stands at US$20.2 trillion. Over the past two years, the value of global real estate has increased by 21.3%, closely aligned with the growth of global GDP during the same period.
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China remains the most valuable real estate market in the world, holding 23.5% of the total global value of residential and commercial properties. The United States follows closely behind with a 20.7% share. Other top markets include Japan, Germany, the United Kingdom, France, Canada, Australia, South Korea, and Italy, which together make up 71% of the world’s total real estate value.
The value of commercial real estate has also seen a significant increase of 4.1% compared to last year, reaching US$58.5 trillion. This growth can be attributed to the development of new properties and the stabilization of values. Some markets, such as the US, have also seen a boost in investment in manufacturing, thanks to onshoring efforts.
According to Paul Tostevin, head of Savills World Research, real estate remains relevant in the ever-evolving investment landscape. While certain factors, such as interest rates and market cycles, may affect the value of certain types of properties in the short term, real estate’s long-term position as the world’s most valuable asset class is expected to remain strong.