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Global Housing to Grow through 2018

Tuesday, July 8, 2014

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Swelling urban populations, despite an overall population decline, will keep the world housing market hot through 2018, a new market forecast reports.

"World Housing," a new study from The Freedonia Group Inc., a Cleveland-based market research firm, found that the need for multifamily housing units will outpace single-family housing through 2018. The average household size, however, is expected to decline.

Concrete Forms / flickr.com

Despite population decline, the housing market is expected grow exponentially worldwide.

The decline in household size will actually support a 1.6 percent annual growth rate in the number of households, boosting the demand for new housing.

“Rural-to-urban migration will be particularly strong in the two most populous regions—the Asia/Pacific and Africa/Mideast—and those new urban residents will boost demand for multifamily housing in urban areas,” analyst Mariel Behnke said in a press release.

Growth Spurt

While single-family homes will continue to make up the majority of housing in the aforementioned areas, worldwide multifamily construction will increase 3.2 percent annually through 2018, with 90 percent of growth happening in the Asia/Pacific and Africa/Mideast regions.

Cegoh / Pixabay

Multifamily homes will see the largest growth through 2018. 

Rural-to-urban migration will also bring a boost for new housing in urban areas.

High-income countries that took a beating in the housing market from 2008 to 2013 are expected to see enormous gains in new housing construction through 2018.

The Freedonia Group Inc.

The Asia/Pacific region is expected to make up three-fifths of the world's new housing in 2018.

North America alone is expected to see an eight percent increase in annual growth for new housing, partially stimulated by a rebound in U.S. housing construction.

The Biggest Growth

In 2018, 38 million new housing units are forecast for the Asia/Pacific region, making up more than three-fifths of the world total, despite population growth that will be below that global average.

In the Africa/Mideast region, new dwelling construction is projected to reach 13 million in 2018, reflecting a 3.7 percent annual growth rate.

The region will have above-average population growth to support the available housing.

   

Tagged categories: Housing; Housing starts; Residential Construction

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