Real estate is real property consisting of the buildings and land on it, and its accompanying natural resources like water, rocks or crops; immovable property which may be mortgaged or encumbered with a lien, or held under the right of redemption, the right of occupancy, or similar relation; a proprietary right possessed by some one in common, the proprietor of the real estate. In the United States there are currently seven different types of real estate holdings. These include: residential real estate, commercial real estate, single-family and multi-family real estates, vacant land, housing developments and land not designated as any kind of real estate. A number of states and local governments also define real estate under their jurisdictions.
Real estate includes immovable personal property like buildings and structures, and its accompanying natural resources like water, rocks or crops; fixtures and fittings, permanent fixtures like houses, workshops, barns, storage facilities, utilities, streets, parks, and other improvements and amenities. Within the United States, real estate includes all publicly owned lands and all personal property owned by individuals except theuries. Permanent fixtures within the United States include houses, barns, storage facilities, public works, bridges, highways, parks and playgrounds, private schools and colleges, toll roads, military bases, and airport terminals. Vacant land is any property that can be used for real estate but is not permanently attached to the land.
In some areas, including certain jurisdictions in New York, there is a limited ability for individuals to build homes and to construct structures that include buildings, monuments, and fences, on private land. New York City, which is governed by a governing board, has long been one of the most densely populated metropolitan areas in the world, and is prone to rapid growth due to the building of skyscrapers. The growth rate of the city has substantially increased over the past 20 years and now has one of the highest per capita income levels in the world. The density of real estate within New York City makes it a significant center for the development and growth of the global economy.