- Mass Appraisal and Automated Valuation Models (AVMs)
- Computer-assisted Mass Appraisal
Real Estate Appraisal Market was valued at USD 8,851.6 million in 2022 and is expected to grow at a 4.0% CAGR from 2023 to 2029. The real estate appraisal is a process of developing an opinion of value for real property usually known as market value. The real estate transactions require frequent appraisals because they occur infrequently and due to the uniqueness of every property. The increasing demand for real estate properties for residential, commercial, and industrial purpose is expected to drive the growth of real estate appraisal market over the forecast period. In addition, the government regulations mandating the appraisal of real estate properties before sale or purchase is expected to boost the growth of real estate appraisal market at a significant rate over the forecast period. Furthermore, the advent of advanced technology such as big data analytics, artificial intelligence, machine learning is anticipated to increase the accuracy and efficiency of real estate appraisals which is expected to have a positive impact on real estate appraisal market growth. Additionally, the increasing construction activities in developing countries such as India and China are expected to aid the growth of real estate appraisal market in Asia Pacific region over the forecast period. However, factors like economic uncertainty such as recession, inflation, and fluctuation in interest rates, lack of skilled professionals, strict government regulations are anticipated to hold back and hinder the growth of real estate appraisal market over the forecast period. Moreover, the integration of advanced technologies such as blockchain and virtual reality, along with increasing focus on sustainable and green buildings are expected to open up tremendous opportunities for market players in the growth of real estate appraisal market over the forecast period.
Fastest Growing Market
The growing home prices provide an incentive for residential investment is the major factor creating huge demand for real estate appraisers. An appraisal is a document that establishes an opinion of value for a property. Appraisals can be performed for a variety of reasons, although the most common reason is to help a lender establish the value of the collateral that is associated with a mortgage loan. In the US, most mortgage transactions require an appraisal, which needs to be performed by a certified appraiser. However, the increased regulations coupled with low technology penetration in the industry are anticipated to hamper the growth of the market.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.