Global Real Estate: Total Value of Residential, Commercial and Agricultural Property

Savills Research publishes a periodic estimate of the value of all the world's real estate, covering residential and commercial property and agricultural land [1]. The figures include illiquid assets such as schools, civic buildings and hospitals, not only property held by institutional investors [1].

At the end of 2024 the total was USD 393.3 trillion [1]. Savills says property is larger than the combined value of global equities and debt, and that all gold ever mined equals just 5% of real estate's value [1].

Residential property was worth USD 286.9 trillion at the end of 2024 [1]. Commercial real estate was USD 58.5 trillion and agricultural land USD 47.9 trillion [1].

On these figures residential accounts for about 72.9% of the total, commercial about 14.9% and agricultural land about 12.2% (FREEE.REPORT calculation) [1]. Savills' earlier estimate for end-2022 put residential at USD 287.6 trillion, or just over three-quarters of a USD 379.7 trillion total [2].

Savills valued global real estate at USD 326.5 trillion in 2020, a 5% rise on 2019 and then a record high [3]. Residential made up 79% of that total at about USD 258.5 trillion, while commercial property fell 5% to USD 32.6 trillion [3].

The total reached USD 379.7 trillion at the end of 2022, 2.8% lower than a year earlier [2]. By the end of 2024 it stood at USD 393.3 trillion [1]. Between 2020 and 2024 the value rose about 20.5% (FREEE.REPORT calculation from USD 326.5 trillion and USD 393.3 trillion) [1][3]. Savills reports growth of 21.3% from 2019 to 2024, against global GDP growth of 25.6%, equity gains of 41.4% and gold gains of 110.3% [1].

Commercial totals are not fully comparable across editions. The 2024 commercial figure of USD 58.5 trillion explicitly covers the full real estate spectrum including civic buildings [1].

China is the most valuable real estate market with 23.5% of global value in 2024, followed by the US with 20.7% [1]. Japan, Germany, the UK, France, Canada, Australia, South Korea and Italy complete the top ten, which together hold 71% of global value [1].

North American real estate value rose 44% between 2019 and 2024, lifting the region's share of the global total from 21% to 25% [1]. China accounts for about a quarter of global residential value, and falling prices there pulled the global residential total down in 2024 [1].

Savills expects elevated interest rates and affordability constraints to slow residential value growth in many markets in the short term, with China's housing reset adding to this [1]. It expects commercial values to keep growing as pricing recovers, onshoring drives manufacturing development and data centre construction expands for AI [1]. These are qualitative views, not numerical forecasts.

All values are Savills Research estimates in nominal USD trillion and come from Savills' own publications [1][2][3]. Figures for 2024 refer to the end of 2024 (Savills' press release describes them as the start of 2025) [1]. Shares of the 2024 total by segment are FREEE.REPORT calculations dividing each segment value by USD 393.3 trillion; the three segments sum to the total. The 2020-2024 growth rate is a FREEE.REPORT calculation from the 2020 and 2024 totals. Currency movements affect USD totals, and Savills' coverage of commercial property differs between editions, so year-to-year comparisons should be read with care.