Asia-Pacific Real Estate Brokerage Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 368.41 Billion |
| Market Size (2029) | USD 452.77 Billion |
| CAGR (2024 - 2029) | 4.21 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Real Estate Brokerage Market Analysis
The Asia Pacific Real Estate Brokerage Market size is estimated at USD 368.41 billion in 2024, and is expected to reach USD 452.77 billion by 2029, growing at a CAGR of 4.21% during the forecast period (2024-2029).
- The real estate brokerage market in Asia-Pacific is mainly driven by a surge in urbanization and foreign investment. Urbanization remains a dominant megatrend in the region. Asia hosts over half of the world's urban population, exceeding 2.2 billion people. Projections indicate that by 2050, Asia's urban populace will increase by 50%, adding another 1.2 billion residents.
- Cities across Asia and the Pacific are in charge of global economic opportunities and sustainability endeavors. While they grapple with challenges like environmental degradation, escalating disasters, persistent slums, and social exclusion, they also stand as economic powerhouses, centers of innovation, and champions of cultural heritage preservation.
- Currently, office and retail real estate make up a significant portion of the Asia-Pacific investor portfolio, accounting for a third. However, this landscape is poised for a significant shift. While service sectors, notably hotels and retail, bore the brunt of the COVID-19 pandemic, industrial real estate, especially logistics and distribution centers, recovered soon and witnessed growth, with further expansion on the horizon. Consequently, there is a notable pivot in real estate asset allocation, with a tilt from retail toward industrial properties.
- Historically, office real estate grappled with high vacancy rates, prompting some to pivot toward residential offerings. Yet, there is a glimmer of optimism for 2024, especially in major urban centers where office rentals are projected to rise.
- Investors are increasingly turning their gaze toward niche real estate segments. Data centers, in particular, have garnered significant attention. Notably, Tokyo and Shanghai are the leaders in live data center capacities in the Asia-Pacific region. Another emerging star in the real estate market is the life sciences sector, encompassing a diverse array of medical facilities and properties.
Asia-Pacific Real Estate Brokerage Market Trends
Demand for Residential Segment Driving the Market
- In India, Delhi NCR saw a record-breaking quarter in 2024, with 5,109 high-end housing units sold. Gurgaon dominated the sales, accounting for 79% of the total. The completion of the Dwarka Expressway in Gurgaon played a pivotal role in driving this heightened demand, extending its impact across the city's major corridors.
- New launches in Gurgaon experienced overwhelming demand, with most projects selling out within days. Notably, DLF's Sector 77 project was fully booked within two days of its pre-launch, while Signature Global's Sector 37D project was oversubscribed by 5.4 times during its pre-launch phase. Noida and Delhi also made significant contributions to the high-end sales landscape.
- In Bangkok, market sentiment is on the rise, as highlighted by presales rates exceeding 50% for recent launches. Overall sales have seen a notable uptick, climbing by 20 basis points. Notably, two projects achieved a sell-out in the quarter, nudging the unsold rate down to 3.2%.
- The influx of international buyers is on the rise, helping to offset the limited purchasing power of local buyers. Apartment rental demand is rebounding, driven by a 12% year-on-year increase in tourist arrivals and expats in the first quarter. While the completion of Junit renovations in various projects pushed the vacancy rate to 5.0% in 2024, this growth is viewed as a transient blip, given the robust rental demand.
India Emerging as a Prominent Player with Rising Real Estate Demand
- In Mumbai, homebuyer preferences for spacious homes propelled sales in the high-end category to a new peak. Notably, industrialists, HNIs, C-suites, and entertainment celebrities gravitated toward high-ticket apartments in prime locales like Malabar Hill, Worli, and Bandra.
- Thane emerged as the dominant player, commanding a 21.8% share of the high-end sales, closely trailed by Western Suburbs II and Navi Mumbai. South Central Mumbai and Western Suburbs II witnessed unprecedented sales surges. Noteworthy launches like MICL Aaradhya Avaan in Prime South and Godrej Vistas in the Eastern Suburbs further bolstered these sales.
- Chennai's luxury housing sector saw a remarkable 141% surge in sales from the previous quarter, with hotspots like Kilpauk, Kotturpuram, and Vadapalani, situated in the Central and Off Central submarkets, witnessing heightened activity. Year-on-year, the city's total unit sales also climbed by 25%. This surge in Chennai's luxury housing market is attributed to rising demand for bespoke offerings, global design aesthetics, and top-tier amenities, which resonate with the discerning clientele.
Asia-Pacific Real Estate Brokerage Industry Overview
The Asia-Pacific real estate brokerage market is fragmented in nature. It witnesses a blend of local, regional, and global participants. Market concentration, however, can vary notably, not just between countries but even within cities. Factors shaping this concentration encompass the count of brokerage firms, their market shares, the competitive landscape, regulatory frameworks, and technological strides.
The key players in the market include CBRE Group, JLL, Colliers International, Knight Frank, Savills, etc.
Asia-Pacific Real Estate Brokerage Market Leaders
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CBRE Group
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JLL
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Colliers International
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Knight Frank
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Savills
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Real Estate Brokerage Market News
- June 2024: Knight Frank, a prominent global property consultancy, in collaboration with Bayleys, New Zealand's premier full-service real estate firm, successfully acquired McGrath Limited, a key player in the Australian residential real estate market. This acquisition, achieved through a controlling stake purchase via a scheme of arrangement, marks a significant milestone for both entities.
- June 2024: REA Group disclosed its complete acquisition of Realtair, an Australian proptech firm. In 2020, REA Group made an initial investment in Realtair, securing a 37% stake in the company. This acquisition is set to bolster REA Group's agency services strategy, ensuring customers have access to top-tier digital tools at every stage of their property transactions.
Asia-Pacific Real Estate Brokerage Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Current Market Scenario
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increasing Urbanization Driving the Market
4.2.1.2 Regulatory Environment Driving the Market
4.2.2 Restraints
4.2.2.1 Market Saturation Restraining the Market
4.2.2.2 Intrest Rate Fluctuations Restraining the Market
4.2.3 Opportunities
4.2.3.1 Technological Advancements Driving the Market
4.3 Value Chain/Supply Chain Analysis
4.4 Government Regulations, Trade Agreements, and Initiatives
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Residential
5.1.2 Non-Residential
5.2 By Service
5.2.1 Sales
5.2.2 Rental
5.3 By Geography
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 Australia
5.3.5 South Korea
5.3.6 Southeast Asia
5.3.7 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 CBRE Group
6.2.2 JLL
6.2.3 Colliers International
6.2.4 Knight Frank
6.2.5 Savills
6.2.6 Cushman & Wakefield
6.2.7 Century 21 Real Estate
6.2.8 ERA Real Estate
6.2.9 RE/MAX
6.2.10 Coldwell Banker*
- *List Not Exhaustive
6.3 Other Companies
7. FUTURE OF THE MARKET
8. APPENDIX
Asia-Pacific Real Estate Brokerage Industry Segmentation
Real estate brokerage involves various activities, including dealing in timeshares, selling, buying, negotiating real estate transactions, property management, leasing, renting, and referring prospects to secure real estate or its improvements, all in exchange for a fee or compensation.
The Asia-Pacific real estate brokerage market is segmented by type (residential and non-residential), service (sales and rental), and country (Australia, China, India, Indonesia, Japan, Malaysia, Thailand, and Vietnam). The report offers market size and forecasts in value (USD) for all the above segments.
| By Type | |
| Residential | |
| Non-Residential |
| By Service | |
| Sales | |
| Rental |
| By Geography | |
| China | |
| India | |
| Japan | |
| Australia | |
| South Korea | |
| Southeast Asia | |
| Rest of Asia-Pacific |
Asia-Pacific Real Estate Brokerage Market Research FAQs
How big is the Asia-Pacific Real Estate Brokerage Market?
The Asia-Pacific Real Estate Brokerage Market size is expected to reach USD 368.41 billion in 2024 and grow at a CAGR of 4.21% to reach USD 452.77 billion by 2029.
What is the current Asia-Pacific Real Estate Brokerage Market size?
In 2024, the Asia-Pacific Real Estate Brokerage Market size is expected to reach USD 368.41 billion.
Who are the key players in Asia-Pacific Real Estate Brokerage Market?
CBRE Group, JLL, Colliers International, Knight Frank and Savills are the major companies operating in the Asia-Pacific Real Estate Brokerage Market.
What years does this Asia-Pacific Real Estate Brokerage Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Real Estate Brokerage Market size was estimated at USD 352.90 billion. The report covers the Asia-Pacific Real Estate Brokerage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Real Estate Brokerage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Real Estate Brokerage Industry Report
Statistics for the 2024 Asia-Pacific Real Estate Brokerage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Real Estate Brokerage analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
