The world’s middle class is growing, according to Pew Research Center, which has reported that 63m people entered Latin America’s middle class over the last decade, and it estimates that Nigeria’s middle class grew by 600% between 2000 and 2014.

By 2030, the ‘fact tank’ expects two thirds of the global middle class to live in the Asia-Pacific region. As this portion of the population grows in size, it is becoming increasingly affluent, in turn creating a new group of consumers with higher purchasing power than ever before. This rapid expansion will not only create economic change, but drive demand for consumer goods, such as mobile devices, luxury brands, cars, and high-quality real estate.

Indonesia is leading Asia’s middle-class growth, with the number of people in the middle-income bracket expected to more than double in the next five years. Cities such as Jakarta are already experiencing the surge in middle class residents. The country’s growing middle class is flocking into the capital city, increasing need for residential and commercial properties.

Also, the middle classes in the emerging markets are much younger than their developed counterparts. These younger age groups are more focused on using technology, influencing spending habits by looking online to buy quality products and services. This young and affluent demographic is expected to drive the growth of the real estate sector in the emerging markets.