By the end of 2024, the total value of the world’s residential real estate stood at $286.9 trillion, a slight annual fall of 2.7% in US dollar terms.
Despite this overall decline, most countries saw values grow in local currency terms, driven by rising house prices and expanding housing stock. However, China – which accounts for a quarter of global residential value – experienced a 5.2% drop (an 8% fall in US dollar terms) due to falling prices and a slowdown in new construction. Gains seen elsewhere were offset by this decline, further exacerbated by the strong US dollar at the end of 2024.
While the overall value fell slightly last year, global residential value still stands 19% higher than in 2019, reflecting the post-pandemic surge in housing markets.
Top 10 markets by residential value
Residential wealth is highly concentrated. The top 10 markets – China, US, Japan, Germany, UK, France, Canada, Australia, South Korea and Italy – collectively account for 71% of global residential value.
China remains the largest market, representing 26% of total global residential value. The US, the second largest market, contributes 18% to the global total. It recorded a 5.1% increase in 2024, driven by house price growth and new development.
Together, China and the US make up 44% of the global residential market by value.
Global distribution by total residential value
Source: Savills Research
Residential wealth compared to population
Residential wealth is unevenly distributed across the globe. Europe hosts a quarter of the world’s real estate value but only 10% of its population. North America, with just 6% of the global population, holds 22% of residential value.
By contrast, Africa and Asia, home to the majority of the world’s population, hold a disproportionately small share of residential wealth.
This disparity highlights potential for future value growth in heavily populated nations with fast-growing economies. For example, India, the world’s most populous country, currently ranks only 16th by total residential value.
Distribution of residential value compared to population
Source: Savills Research, Oxford Economics (population data). Asia Pacific excludes China and Hong Kong SAR, Africa excludes North Africa
Total value movers and shakers
Rising total residential value indicates economic growth and market expansion but can also signal squeezed housing affordability. Several countries have seen significant growth in their real estate value over the past five years, pushing them up the global rankings:
