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.

Property continues to represent the largest asset class globally, exceeding the combined value of global equities, debt, and gold. 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%).

Real estate in comparison to other assets (US$ trillions):

Source: Savills Research using IMF, Bank for International Settlements, World Federation of Exchanges, World Gold Council. Note: Savills commercial figures cover full real estate spectrum, including more illiquid assets like schools, civic buildings, and hospitals, not just those held by institutional investors.

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.

The 10 world’s most valuable real estate markets

Source: Savills Research. Note: Residential and commercial real estate value only

China's real estate market continues to be the most valuable in the world, with 23.5% of worldwide value, followed by the US at 20.7%. In addition to Japan, Germany, the United Kingdom, France, Canada, Australia, South Korea, and Italy, the top 10 markets account for 71% of the world's total real estate value.

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.”