World Housing Market

NEW YORK, Nov. 6, 2014 /PRNewswire/ --

World demand to rise 3.2%annually through 2018

Worldwide construction of new housingunits is projected to reach 62.0 million in2018 on 3.2 percent yearly advances from2013. Although global population growthis expected to decelerate over the forecastperiod, declines in average householdsize will support 1.6 percent annualgrowth in the number of households,which will in turn boost demand for newhousing. Changes in population distribution,primarily due to rural-to-urbanmigration, will also bolster demand fornew housing units in urban areas.

Multifamily housing unitsto outpace single-family

Through 2018 construction of multifamilyhousing units is projected to outpacethat of single-family housing units.Rural-to-urban migration will be particularlystrong in the Asia/Pacific region,which will drive regional demand forhousing in urban areas. Worldwide,construction of new multifamily unitswill increase 3.5 percent annually through2018 to 26.2 million units, with 70percent of growth taking place in theAsia/Pacific region. Nevertheless, in thatregion and worldwide, single-familydwellings will continue to make up themajority of new housing units.

Average size of newhousing units to rebound

The average size of a new housing unitfell to 89 square meters in 2008 andremained at that size in 2013 due to thesharp declines in new unit completions inNorth America and Western Europe,where units tend to be larger. The averagenew dwelling size is forecast to expand to93 square meters in 2018. Two factorswill support this growth: rising personalincomes, particularly in developingcountries, and recovering residentialconstruction in developed regions toclose to historical levels. In general, newunits will be larger than existing units,reflective of rising standards of livingacross the globe.

Developed countries to seefastest gains in demand

Developed countries that suffered dramaticdeclines in residential constructionaround the time of the 2009 global economicrecession are forecast to exhibitthe fastest gains in construction of newhousing units through 2018, thoughgrowth will typically be from a depressed2013 base. North America can expectannual advances of 7.9 percent whileWestern Europe can expect a 6.1 percentper annum increase in construction ofnew housing units.

Asia/Pacific, Africa/Mideastregions to see largest gains

The largest absolute gains in constructionof new housing units are expected to bein the Asia/Pacific and Africa/Mideastregions. The Asia/Pacific region, led byChina, is projected to be home to overthree-fifths of the new dwellings constructedin the world in 2018. Between2013 and 2018, new unit constructionwill increase by 4.8 million units to 38.5million on 2.7 percent annual growth.New dwelling construction in the Africa/Mideast region is expected to reach 13.0million in 2018 on 3.7 percent annualgrowth, with absolute gains of over 2.1million units, supported by above averagepopulation growth and householdformation.

Study coverage

Details on these and other key findingsare contained in the upcoming industry study, World Housing. It presents historical demand data for 2003, 2008 and 2013, as well asforecasts for 2018 and 2023 for housingstock and new housing units by type(single-family, multifamily), world regionand for 22 major countries. This studyalso considers key market environmentfactors such as world economic trends,demographics and residential constructionexpenditures.
Read the full report: http://www.reportlinker.com/p0701944-summary/view-report.html

About Reportlinker
ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - instantly, in one place.

http://www.reportlinker.com


__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

SOURCE Reportlinker

Related Links

http://www.reportlinker.com