Architecture has a great commercial value; it is something that could be sold with the building to increase its selling price. In fact, the market price of a rented space would depend on the spatial quality of the building instead of the cost of its materials. A consummate piece of architecture would add value to the property as well as the place. It is a form of spatial art that enhances the value of a building. And the worth of an architect is well recognised in architecture competitions.

Architecture competitions have a long history of more than 2500 years. The Acropolis in Athens was a consequence of an architectural competition along with many cathedrals in the Middle Ages. As a matter of fact, an architectural competition was held in 1419 to design the dome of the Florence Cathedral, which was won by Filippo Brunelleschi. A number of open competitions have taken place in the late 18th century in different countries, such as the United States, Great Britain, Ireland, Sweden, and France.

There is wide range of architecture competitions that takes place from the combination of following options:

Project Competitions or Ideas Competitions: These are held depending on whether the aim is building a new project or generating new ideas only.

Open Competitions (International, National, or Regional) or Limited competitions: These architecture competitions are held depending on who is allowed to participate.

One Stage or Two Stage Competitions: These take place on the basis of the scale and complexity of the competition.
Student Design competitions are also amongst the widely held architecture competitions.

It is important to note that the rules of each competition are defined by the organiser; however, often they follow the guidelines given by the International Union of Architects or the relevant regional or national architecture organisation.

The guidelines of these architecture competitions define roles, responsibilities, procedures, and processes within the concerned competition. It offers guidance on potential competition types, eligibility criteria, participation conditions, composition of the jury, prizes, payments, results publication, and many more aspects.

Amongst the most significant architectural competitions, those which open internationally attract a large number of architecture design submissions on contemporary architecture, modern houses, and a variety of other themes. Some of the most important competitions include Federation Square in Melbourne, Bibliotheca Alexandrina in Egypt and the Millennium Bridge in London.