Real Estate Industry – Critical Driver Behind Consumer Comfort and Economic Growth
Real estate is real property consisting of the actual buildings and land on it, and its accompanying natural resources like water, plants or minerals; or immovable property of the same kind, buildings or housing. When we speak of immovable property, it refers to the type of property that cannot be changed without the consent of the owner. Immovable properties include a building or a piece of land used for business purposes, or a piece of immovable property used for residential purposes. If any of these types of property is used for non-business residential purposes, it is termed as personal property. Real estate includes real properties as well as the rights to them.
In the United States, real estate investment refers to real property purchased and then developed to generate income. The development of the property may take many forms: residential real estate development, commercial real estate development, infrastructure development, and vacant land. Developing residential property involves acquiring land from willing owners, developing it according to local planning and zoning regulations, developing residential buildings and interiors, and constructing houses, apartments or shops. Developing commercial property involves developing land for businesses, constructing offices, warehouses, shopping malls, hotels, motels and other retail establishments. Vacant land can be used for any of these purposes, as it does not require any major transformation.
With the United States economy performing below the potential level, the demand for residential and commercial properties has risen, which is resulting in more investment activity in the real estate industry. Real estate investment companies have been assisting property buyers with buying the right property at the right price. According to a recent analysis conducted by the National Association of Realtors, the non-residential real estate industry continues to perform above expectations, with more buying activity expected in the coming years. Another significant driver of the real estate industry is the low level of financing available for most projects. To take advantage of better financing conditions, potential house and business buyers are advised to contact a reputed real estate agent.