New analysis from Savills reveals the total value of the world’s residential real estate, as of the end of 2024, stands at US$286.9 trillion.

Whilst the figure shows an annual fall of 2.7% in US dollar terms, the total value remains 19% higher than in 2019, reflecting the post-pandemic surge in housing markets around the world.

Despite the year-on-year decline, most countries saw values grow in local currency terms, driven by rising house prices and expanding housing stock.

When it comes to the top 10 markets, China, US, Japan, Germany, UK, France, Canada, Australia, South Korea and Italy, collectively account for 71% of the total global residential value.

China remains the largest market at 29%, albeit with a 5.2% drop year-on-year (an 8% fall in US dollar terms), due to decreasing prices and a slowdown in new construction.

The US, the second largest, market contributes 18% to the global total, up 5.1% year-on-year.

“An increase in total residential value indicates economic growth and market expansion, however can also signal squeezed housing affordability” explains Paul Tostevin, head of Savills World Research.

New entrants into the top 10 include Australia which moved from 11^th place in 2019 to 8^th in 2024. Italy moved from 12^th place in 2022, to 10^th in 2024.

In Europe, again driven by tight supply pushing up prices, the Netherlands rose from 19^th in 2019 to 15^th in 2024 and Spain from 20^th to 17^th.

“Residential wealth is unevenly distributed across the globe,” concludes Tostevin. “Europe holds 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 16^th by total residential value.”