Value of real estate assets decreased at end of 2022 by 2.8% compared to the previous year: Kuwait

Value of real estate assets decreased at end of 2022 by 2.8% compared to the previous year: Kuwait

A recent report showed that the total value of real estate in the world reached $379.7 trillion at the end of 2022, a decrease of 2.8 percent from the previous year, reports Al-Rai daily.

Savills, a global specialist in real estate consulting, reported that despite the annual decline in the value of global real estate, the long-term trend recorded an increase of 18.7 percent over the past three years, noting that the total value of global real estate shows that real estate remains the largest store of wealth in the world.

The report added: “The value of real estate in the world may have declined in 2022, but real estate remains the largest store of global wealth by a large margin. The value of real estate exceeds the value of global stock and bond markets combined, and the size of global GDP is nearly four times the size.”

Savills explained that the value of all the gold extracted in the world, amounting to ($12.2 trillion), is small compared to the size of real estate wealth, as the value of gold represents only a little more than 3 percent of the value of global real estate.

The report monitored that just over 3 quarters of