The economic relevance of the real estate sector und its recent dynamicsIn most countries, the real estate sector plays a dominant role-as measured by volume, share of the economy, and workforce; but its turnover ratio and therefore its ability to generate profit for traditional banks or transaction and consultancy companies is lower than it is for the stock or bond market.For example, in the US, the total value of the real estate market amounted to about $46.4 trillion in 2018 (Savills 2017, 2019) which is around half of American households' overall net wealth of $98.2 trillion in 2018 (Credit Suisse 2018) and about 2.3 times the US GDP of 2018; around 4.5% of the US workforce 1 works in the construction sector in 2018 (BLS 2019).Similar figures can be obtained for Germany with a total value of the real estate market of about $8.3 trillion in 2018 (Savills 2017(Savills , 2019) ) which is more than half of the households' overall net wealth of $14.5 trillion in 2018 (Credit Suisse 2018) and about 2.1 times Germany's GDP of 2018; around 6.8% of Germany's workforce 2 works in the construction and real estate sector in 2018 (Statistisches Bundesamt 2019).
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Breuer et al. (2020) studied this question.
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