The value of all global real estate (residential and commercial real estate, and agricultural land) was $393.3 trillion as of the start of 2025, according to Savills, maintaining the asset’s position as the world’s most significant store of wealth.
The international real estate advisor says that property continues to represent the largest asset class globally, exceeding the combined value of global equities, debt, and gold; in fact, the value of all the gold ever mined ($20.2 trillion) equates to just over 5% of real estate’s total worth. Since 2019, the total value of global real estate has grown by 21.3%, broadly in line with global GDP growth over the same period (25.6%).
Savills says that total global real estate value showed a slight annual decline of 0.5% due to a 2.7% reduction in the value of global residential stock to $286.9 trillion. While most countries saw residential values grow, driven by rising house prices and new stock, falling property values in China (which accounts for a quarter of global residential value) brought down the global average.
Commercial real estate value totalled $58.5 trillion, an increase of 4.1% on an annual basis. Growth was supported by the development of new stock and stabilising values and some markets, such as the US, were buoyed by increased investment into manufacturing in the drive to onshoring. Agricultural land, totalling $47.9 trillion, grew by 7.9% in 2024 driven by constrained supply and increased demand driven by population growth and increased per capita food consumption.
Paul Tostevin, head of Savills World Research, comments: “While the pace of growth may vary across sectors and geographies, real estate’s long-term fundamentals remain strong: it is a store of wealth, a driver of economic growth and development, and its ability to reflect global economic shifts ensures its continued relevance in an evolving investment landscape. While shorter-term factors, such as elevated interest rates and market cycles, can affect the values of certain types of property, long-term real estate’s position as the world’s most valuable asset class looks set to remain.”
According to Savills, China remains the world’s most valuable real estate market, accounting for 23.5% of global value, followed by the United States at 20.7%. Together with eight other countries - Japan, Germany, UK, France, Canada, Australia, South Korea, and Italy - the top ten markets represent 71% of total global real estate value.