Affordable Housing Market By Providers (Government, Public-Private Partnership), By Size of Unit (Upto 400 square feet, 400-800 square feet, Above 800 square feet), By Location (Urban, Rural): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global affordable housing market was valued at $52,160.2 million in 2021, and is projected to reach $84,700.0 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.Depending on the nation and the location, affordable housing may change. The term affordable housing refers to housing that is accessible to those in society who earn less than the median household income. Affordable housing is described as being generally acceptable in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other basic necessities on a sustainable basis. During the projected period, the market for affordable housing is projected to grow remarkably quickly. The market for affordable homes is being driven by the rise in middle class and increase in working population.
Due to this, there has been a substantial migration of migrants, especially in Tier 1 cities. These migrants are relocating for employment and educational opportunities. This is anticipated to enhance market expansion over the anticipated time frame. During the projection period, the simplicity of obtaining mortgage financing is projected to drive market expansion. In addition, it is projected that the Indian government's initiative to provide housing for everyone by FY2023 will create lucrative opportunities for market growth. This gained traction when the union government declared in the FY2022 Budget that the option to deduct additional interest expenditures up to Rs. 1.50 lakh paid on loans for affordable housing would be extended by one year until March 31, FY2023. These governmental initiatives are what are fueling the market for affordable homes.
The demand for affordable housing is being driven by the rapid urbanization of emerging economies, where the bulk of the population is concentrated in countries like Brazil, China, India, and Eastern European countries. Developing countries create the demand for affordable housing driving the growth of the market. Moreover, all large cities in developed countries have reached a point of saturation where the growth of the urban area and the economy has either stopped or is growing at a very slow rate. For instance, the residential real estate market in the U.S. has seen a decline in the sale of affordable housing and residential properties in significant cities like Washington, D.C., as a result of an increase in property values and a decrease in investments by foreign investors. Such instances restrain the market growth during the forecast period.
The expansion of government programs for affordable housing and cooperation among major market participants is projected to offer attractive opportunities. Surge in collaborations across Europe also suggest that the region's market for affordable housing has a promising future. For instance, the European Affordable Housing Consortium for Sustainable Housing and Social Impact launched the SHAPE-EU initiative in March 2022.The global affordable housing market is segmented on the basis of providers, size of unit and location, and region. Based on providers, the market is divided into government, and public-private partnership. Based on size of unit, the market is divided into up to 400 square feet, 400-800 square feet, and above 800 square feet. Based on location, the market is divided into urban and rural.The major players profiled in the affordable housing market include Dominium, Jonathan rose cos, Larsen & Toubro Ltd., LDG Development, TATA Projects, The NRP Group, Pennrose, Prestige Group, Related Group, and Skanska. Major companies in the market have adopted acquisition, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the affordable housing market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the affordable housing market analysis from 2021 to 2031 to identify the prevailing affordable housing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the affordable housing market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global affordable housing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Providers
Government
Public-Private Partnership
By Size of Unit
Upto 400 square feet
400-800 square feet
Above 800 square feet
By Location
Urban
Rural
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Prestige group
Dominium
LDG Development
Pennrose
Tata projects
Skanska AB
Related Group
Jonathan Rose Companies LLC
The NRP Group
Larsen & Toubro Ltd.
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