GLOBAL CONDOMINIUMS AND APARTMENTS MARKET Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Condominiums & Apartments Market Analysis

The size of the Condominiums and Apartments Market is valued at about USD 1,220.51 billion in the current year and is anticipated to register a CAGR of over 3% during the forecast period. The growing demand for affordable housing has created a demand for condominiums and apartments. Furthermore, the market is driven by residential housing sales picking up because of the new buyers entering the market.

• Over the last two years, the condo market has experienced ups and downs as demand and prices for single-family homes have skyrocketed. Some buyers wanted more space, while others didn't care about being close to their workplace. While condo demand recovered from an early pandemic slump, prices never reached the level of single-family home costs. However, the overall slowdown is affecting both types of homes. According to the Northwest Multiple Listing Service, pending condo sales in Seattle were down 25% in June 2022 and 44% on the Eastside compared to the same period in 2021. At the end of June, the number of condos still on the market was up 3% in Seattle and 71% on the Eastside.
• Discounts are more common for move-in-ready buildings, according to Dean Jones, owner of Realogics Sotheby's International Realty, while developers whose towers are still under construction can try to wait for more buyer demand in future years. Sales at Koda, a new tower in the Chinatown International District where about half of the condos have sold, are lagging initial projections as the market slows. Deals aren't just struck by luxury condo developers. Individual condo sellers are lowering their asking prices, offering to pay a year's worth of HOA fees, or paying to lower a buyer's interest rate. According to Erik Mehr, whose firm is leading sales at the building, the developer is now offering 5%-10% price cuts on condos. Prices for studios start around USD 350,000, but the highest-end units are around USD 1 million.
• Rentals for HDB flats and private apartments in Singapore increased last month, with analysts predicting that the trend will continue. According to flash figures released on Wednesday by property portals 99. co and SRX, HDB rents increased by 2.4% in August 2022, compared to 1.5% in July 2022, with rents rising across all flat types in both mature and non-mature estates. Condominium rents increased by 3.2% in August 2022, compared to 1.7% in July 2022, with central Singapore experiencing the fastest growth at 3.7%. Meanwhile, condo rental volume increased by 0.4% last month to an estimated 4,524 units, reversing a drop that began in August 2022.
• Pent-up demand is expected to fuel increased activity in the Asia-Pacific real estate market in 2022-2023, with the luxury end of the market performing particularly well. While an overall improvement is expected, industry sources have identified several individual country markets that are likely to benefit the most from this improved sentiment. According to Colliers' latest Asia-Pacific Market Snapshot, demand for larger and higher-quality spaces is expected to be particularly strong in Singapore, with homeowners willing to pay a premium to secure such properties. A growing influx of high-liquidity overseas buyers is expected to boost the market even further. Greener, more environmentally friendly spaces are also expected to be built throughout the region.

Condominiums & Apartments Market Trends

This section covers the major market trends shaping the Condominiums & Apartments Market according to our research experts:

Increasing Demand for Condominiums in Several Regions Driving the Market

Condominiums & Apartments Industry Segmentation

A private residence in a building or house divided into several separate dwellings is known as an apartment. A condominium (also known as a "condo") is a large property complex made up of individual units, each of which is owned separately. Typically, ownership includes a nonexclusive interest in certain "community property" managed by the condominium management.

A complete background analysis of the Condominiums and Apartments Market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report. The Condominiums and Apartments Market is segmented by Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America). The report offers the market sizes and forecasts in value (USD billion) for all the above segments.