$217,000,000,000,000!

Generali

http://www.cityam.com/233041/the-total-value-of-all-the-property-in-the-world-is-217-trillion-27-times-the-worlds-gdp

"To give this figure context, the total value of all the gold ever mined is approximately $6 trillion, which pales in comparison to the total value of value of developed property by a factor of 36 to one," said Yolande Barnes, head of Savills world research.


The research, by Savills, showed residential property makes up by far the biggest portion of real estate, worth $162 trillion.

I have to be honest, my 'twaddle-ometer' is off the scale right now. It is quite interesting though.

Mistermeaner

So that's one great big 30 year mortgage with a bit left over for iPhones

Seems legit

vivatifosi

Ah, but you wait Gen until everyone sells their house and buys [STRIKE]silver[/STRIKE] gold. Then the numbers will be the other way round. It must be true, the antennae on my funny little hat tell me so.

(Takes hat off)

Scary numbers. Get beyond 10 zeros and I have trouble getting my head round them tbh.

cells

Its a high ball estimate

Something like 2 billion homes exist and the average value is not $110,000 to get to close on $220T

Hell you can buy a house for less than that in a lot of English cities and towns.

My guess would be less than $100Trillion.

However by 2050 its likely going to be in excess of $500 trillion.

Housing is the biggest infrastructure project on earth by far


EDIT: Ahh it says all property in which case maybe its not that far off

Generali

cells wrote: »

Its a high ball estimate

Something like 2 billion homes exist and the average value is not $110,000 to get to close on $220T

Hell you can buy a house for less than that in a lot of English cities and towns.

My guess would be less than $100Trillion.

However by 2050 its likely going to be in excess of $500 trillion.

Housing is the biggest infrastructure project on earth by far


EDIT: Ahh it says all property in which case maybe its not that far off

Yeah, the number for houses is 2,500,000,000 with a total value of $167,000,000,000,000 which gives a value of $66,800 or £47,000.

That means that this place:

http://www.rightmove.co.uk/property-for-sale/property-51322270.html?premiumA=true

is the average property in the world. An inspiration to us all.

Alternatively you can buy this little beaut in Broken Hill, NSW:

http://www.realestate.com.au/property-house-nsw-broken+hill-117994691

Generali

vivatifosi wrote: »

Ah, but you wait Gen until everyone sells their house and buys [STRIKE]silver[/STRIKE] gold. Then the numbers will be the other way round. It must be true, the antennae on my funny little hat tell me so.

(Takes hat off)

Scary numbers. Get beyond 10 zeros and I have trouble getting my head round them tbh.

LOL.

Better get used to trillions. Plenty of economic numbers are going to or have just burst through the trillion mark.

If you want to get really scared, type 'UK unfunded liabilities' in Google. You might want to get your tin foil hat back on first. And perhaps have a stiff drink at hand.

TheeMaskedTurnip

Is this the potential value of one Bitcoin?

Generali

TheeMaskedTurnip wrote: »

Is this the potential value of one Bitcoin?

LOL, yes.

Bitcoin: favoured currency of drug dealers and child pron peddlers.

ging84

I think you are focusing on the wrong thing, 36x as much as all the gold in the world makes it seem like an awful lot, but really it's not that surprising, gold has uses, but not many that justify it's cost, so basically it's only use is to display and store wealth. Also it's hard to get your head around just how scarce gold is. If you took all the gold in the world and made it into a single block, it would be about the size of a reasonable family house, or to put it another way, if you owned all the property in the world, homes and work places for all the 7 billion people it would still only be worth enough to make 1 street of sold gold houses.

If you look at the headline 2.7x as much as the world GDP, actually makes it seem rather insignificant.

Can you imagine the world trying to rebuilt just all it's houses in less than 3 years let alone the commercial property? Perhaps it isn't London that is madness for prices, but rather much of the rest of the world's property is seriously under priced.

Or maybe not, as hard as it is to imagine the world rebuilding everything in 3 years, it's not such a monumental task at all when you figure it would take 1 family to build 1 house, plus building thier share of thier work place and perhaps a small contribution of labour toward some civic buildings and infrastructure, suddenly it seems like we could take it easy and still do it in a year.
Obviously not that simple, very hard to rebuild your house before anyone's built a brick factory, and you're sleeping in a tent in a post apocalyptic waste land with no rule of law or amazon prime. But you get the idea, if everyone worked together and just got on with things, it's not as much work as you might think.

padington

The problem with land is that someone will work out how to make it one day and it'll become worthless.

zagubov

There was a claim in the media years ago that the land value of the Imperial Palace (with its grounds) in Tokyo was the same as the whole of California (at some point in the 20th century). It stuck in my mind as it seemed such an outrageous claim, but I began to wonder if it could ever have been true.