Global Property Market Trends and Changing Consumer Preferences

The global property market has seen a number of changes over the past few years. As the world economy continues to grow, there has been an increasing demand for housing and other real estate investments. This demand has caused property prices to rise in many areas, leading to a strong market for both buyers and sellers.

In this article, we will discuss some of the major trends in the global property market, including rising prices, changing consumer preferences, and new technologies that are influencing how people buy and sell properties. We will also look at emerging markets that are providing opportunities for investors and developers alike. Finally, we will explore how these trends may affect future investment decisions in the property sector.

Global Property Market Facts

The global property market is an ever-evolving industry that is constantly changing due to economic, political, and environmental factors. With the growing population and increasing demand for housing, it is no surprise that the global property market has seen a steady increase in value over the past few years.

According to the International Monetary Funds ‘Global Housing Watch’ update:

• Global house prices kept rising through the pandemic, with an average price of $180,000 globally
• Post pandemic, real house prices are starting to correct
• The house price-to-income ratio is increasing, meaning house prices are growing faster than incomes
• The house price-to-rent ratio is increasing, meaning house prices are growing faster than rents.

Changing Consumer Preferences

Consumer preferences in housing are changing rapidly due to the changing needs and wants of people. Consumers are looking for homes that meet their specific requirements and provide them with the best value for their money. 

As a result, companies need to understand what consumers want when it comes to housing in order to provide them with the best possible experience. 

According to research published by Fast Experts, the top four top trends we should keep an eye on this year include:

• The Sharing Economy
• The Rise of eCommerce in Real Estate
• The Shift Back to Urban Life
• The Gig Economy.

What is the sharing economy?

This type of economy allows people to rent, share, barter or exchange goods and services without having to own them. Examples of companies in the Sharing Economy include Airbnb and Couchsurfing for accommodation. This has led to an increase in home-sharing and short-term rentals.

How does eCommerce affect real estate?

Well, just as you may shop for a product or service online, people are changing the way they shop for homes, and are turning to online options. In the past, home buyers generally worked with an agent to buy a property. Now, more people are using online tools to search for homes. Examples of these include:

• Zillow.com
• Trulia.com
• SmarterAgent.com.

Urban life is increasing

The increasing popularity of city life continues to grow, and with it, so to the demand for urban real estate. People are choosing to move into cities for better job prospects, more amenity, or because units are more affordable compared to the quarter block of land close to a city centre. This trend is being driven by the millennial cohort, being the largest demographic group globally.

The gig economy and real estate

More people are working from home, meaning demand for office space is declining. As people take jobs online or start that side hustle, there is opportunity for real estate agents to find properties that suit their client’s lifestyle.

Despite these changes, the demand for property services, such as residential cleaning, property lawyer, contract advice, investment advice and more, is ever increasing. According to Randle & Taylor Barristers and Solicitors, property disputes are common. Issues that arise include a mortgagee and mortgagor dispute, address pass to land, nuisance to your property, disputes in relation to a will or estate, and more.

What is the future of the global property market?

The global property market is set to experience significant changes in the near future. With the rise of technology, new trends and innovations are making their way into the market. 

From virtual reality tours to smart homes, these technologies are transforming how people buy and sell properties. 

Furthermore, the rise of digital currencies are also impacting the global property market by providing buyers with an alternative payment option. 

Additionally, demographic shifts are also playing a role in shaping the future of this industry. As more people move to urban areas, demand for housing is expected to increase significantly over time. 

All these factors will shape the future of this industry and provide different opportunities for investors and buyers alike.