Economic Characteristics Of Real Estate

Real estate comprises of all real property including the buildings and land on it, its accompanying natural resources like water, plants or metals; immovable property of that nature, an interest in it and all the rights attached to it. It is measured by area but can also be classified into sub-divisions. Real estate comprises of a variety of structures such as apartment buildings, condominiums, townhouses, row homes, mobile homes, row houses, farm houses, barns, and outbuildings. Real estate also includes all the fixtures and equipment for construction, repair or maintenance of the structure.

The four main categories of real estate are: personal property, transactional, business and vacant land. Within each main category there exist various types of real property. These are: primary property, secondary property, manufactured homes, vacant land, and land without any definite use, which may change with time and can be renewed as well. In case of the vacant land, a person can hold title to it and can live in it till the conditions for buying it arise.

Every region has its own real estate market and each market has its own set of characteristics. Some real estate markets have good agricultural lands, whereas others have mainly residential areas. A large number of people invest in purchasing land either through purchase and sale or by holding land title. A vast range of structures including apartments, homes, shopping malls, office complexes, hotels, education institutes, health care centers, manufacturing plants, sewer systems, pipelines and communication lines are constructed on the land. Apart from this, some other important economic characteristics of Real Estate include: