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Global Real Estate Market Overview
A 2015–2026 view of the market cycle, followed by a focused comparison of Dubai, London and India and the operating opportunity for AKCEL Realty.
2015–2026
One decade, five market phases
Real estate moved from low-rate expansion through pandemic disruption and a rapid rebound, then into a financing-led correction and a selective recovery.
| Period | Market phase | Main characteristics |
|---|---|---|
| 2015–2019 | Expansion | Low interest rates, urbanisation, international capital and strong commercial-property activity. |
| 2020 | Pandemic disruption | Construction delays and weaker office and hospitality demand, alongside a shift toward larger homes and logistics. |
| 2021–2022 | Rapid recovery | Cheap finance, accumulated savings and changed housing needs supported strong residential activity. |
| 2023–2024 | Interest-rate correction | Higher borrowing costs reduced affordability and institutional deal volumes; performance diverged by sector. |
| 2025–2026 | Selective recovery | Transaction flow improved in some markets, while refinancing, affordability and asset quality remained decisive. |
Structural demand
Logistics, data centres, rental housing and selected living sectors benefited from long-term changes in commerce, technology and housing needs.
Quality gap
Modern, efficient, well-located buildings increasingly separated from older stock facing higher capital and energy costs.
Financing matters
The cost and availability of debt became a central driver of affordability, valuations and transaction timing.
Market 01 · Dubai
International demand and exceptional momentum
Population inflows, global wealth migration, ownership frameworks, tourism and development supported one of the strongest post-pandemic property cycles among major international cities.
| Period | Approximate transaction value | Interpretation |
|---|---|---|
| 2019 | AED 226B | Pre-pandemic market. |
| 2020 | AED 174B | Pandemic disruption. |
| 2021 | Nearly AED 300B | Strong recovery; 84,196 transactions reported. |
| 2022 | Above AED 500B | Rapid expansion. |
| 2023 | Approximately AED 634B | Record activity at the time. |
| 2024 | AED 761B | New annual record. |
| Q1 2026 | AED 252B | 60,303 transactions; incomplete year and not comparable with a full-year total. |
Market 02 · London
A mature, high-value international market
London remains important for prime residential, offices, hotels, student housing and institutional capital, while high mortgage costs, taxation and asset quality create a more selective market.
Residential
Official dataThe official UK House Price Index placed London’s average price at about £553,000 in November 2025, down 1.2% year on year.
Transactions
UK-wideHMRC estimated 98,450 seasonally adjusted UK residential transactions in May 2026: 17% above May 2025 and 2% below April 2026.
Investment
2024 recoveryMSCI reported London as Europe’s most active property market by deal volume in 2024, with acquisitions up 18% on 2023.
Market 03 · India
Scale, urbanisation and formalisation
Infrastructure, rising incomes, RERA-led formalisation, mortgage access and Global Capability Centres continue to expand the addressable residential and commercial market.
| Year | Approximate homes sold | Market reading |
|---|---|---|
| 2020 | 1.38 lakh | Pandemic contraction. |
| 2021 | 2.37 lakh | Strong recovery. |
| 2022 | 3.65 lakh | Rapid expansion. |
| 2023 | 4.77 lakh | Record sales. |
| 2024 | 4.59 lakh | High activity with moderate volume cooling and a richer premium mix. |
India’s data is fragmented across state registries and private research series. Values on this page should therefore be compared only where geography, asset type and methodology match.
Comparative position
Different markets, different operating models
| Factor | Dubai | London | India |
|---|---|---|---|
| Market character | International and investor-led | Mature global financial centre | Large domestic growth market |
| Core opportunity | Off-plan, luxury and investment property | Prime residential and institutional assets | Mass-market and premium housing |
| Indicative agency economics | Around 2%, subject to mandate | Around 1–2% plus VAT, subject to instruction | Around 1–2% per side, subject to market and mandate |
| Data transparency | High through DLD | High through Land Registry and HMRC | Fragmented across states and research firms |
| Recurring revenue | Leasing and management | Lettings and management | Rentals, loans and property services |
| Principal risks | Supply, delivery and foreign-capital sensitivity | Mortgage costs, taxation and obsolete stock | Affordability, execution and fragmented compliance |
Global brokerage industry
Services extend well beyond commission
The largest property-services groups combine brokerage with leasing, facilities, valuation, consulting, property management and investment services.
| Company | Approximate 2024 revenue | Business mix |
|---|---|---|
| CBRE | US$35.8B | Advisory, facilities, property management and investment management. |
| JLL | US$23.4B | Leasing, capital markets, workplace services and technology. |
| Cushman & Wakefield | US$9.4B | Brokerage, leasing, valuation and property services. |
| Colliers | US$4.82B | Advisory, brokerage and investment management. |
Opportunity for AKCEL Realty
Build a service platform, not only a sales desk
A cross-border proposition can combine transaction-led income with recurring services, provided every activity is launched behind the required entity, licence and client-protection controls.
Transaction services
- Residential and commercial sales
- Luxury and off-plan mandates
- Leasing and tenant representation
- Cross-border buyer support
Recurring services
- Property and rental management
- Portfolio reporting
- Developer marketing mandates
- Data and qualified lead services
Controlled extensions
- Mortgage introductions through licensed partners
- Investment advisory only where authorised
- Fractional ownership only under an approved structure
- Residency support with qualified advisers
Evidence
Sources and data notes
Market releases are revised over time. The latest source and its measurement basis should be checked before a commercial decision.
Market and regional sources
Company revenue sources
- CBRE — financial reports
- JLL — 2024 full-year results
- Cushman & Wakefield — 2024 results
- Colliers — 2024 results
Last editorial review: 28 July 2026. Third-party India housing figures are directional research series and should not be mixed with official registry data without reconciliation.