Real Estate is the land that consists of both natural and man-made resources. Real Estate includes everything that exists on land whether it is a road, agricultural land, buildings, trees, and factories.
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Benefits of Real Estate
- Real estate provides homes for single-family homes.
- Source of revenue for a country.
- Real estate opens the way to buy and sell property hence helping to enhance economic growth.
- Real estate opens the pathway for job creation.
- Real estate is different from land as it contains improved factors that made it easier life for people.
How does Real Estate work?
- Real estate is the improved land where permanent facilities for human beings are available on the property.
- Improved land is the area where sewer system, drainage, and electricity are permanent so that it appeases the customers.
- People always have the option either to own the property or take a house for rent.
Types of Real Estate
The condominiums, single-family homes, townhouses, duplexes, etc. come under real estate. It is a place made for the people to live on. It’s not used for any commercial or industrial purposes. Residential is basically for housing. Residential could be tenants and also the owner of apartments or houses.
- Commercial: The commercial estate is also known as an investment property. Its sole purpose is profit-making. Examples are grocery store salons and shopping malls. Commercial estate fulfils both the need of residential people and also entrepreneurs.
- Industrial Real Estate: Industrial activities like manufacturing, production, distribution research, and warehousing in the land are industrial real estate. These industrial activities don’t create disturbance for the residential or any commercial activities.
- Land: The land is an area where investors improve the land by planting sewer systems, electricity, and water availability. Without the land, there would be no industrial and commercial activities possible without the presence of vacant land.
How Real Estate contributes to the economy?
Real estate is one of the most significant contributors to any country’s economy. The advancement of commercial, industrial, and residential complement each other and hence contribute to the immense growth of the economy.