Real estate is defined as property consisting of land and the buildings (houses, sheds, garages, out-building) on it, along with its natural resources (crops, minerals, precious metals or water). It is a legal term used in countries like England, Wales, Northern Ireland, United States, Canada, Pakistan, Australia, New Zealand and India who's legal systems derive from English Common Law.
The business of Real Estate is the process of buying, selling, or renting land (and it's resources) and/or buildings which could include houses (detached, semi-detached, link-detached, terrace), flats, bungalows, marionettes, offices, factories, industrial estates and even castles. Many people in the profession referrer to themselves as Realtors increase their professionalism.
The Real Estate industry is worth about $168,500 billion world-wide and consists of around two billion households (2017).
There are many categories of Real Estate listed below :-
- Apartment / Flat An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors.
- Maisonette is similar to a flat but can have two or more floors.
- Condominium is similar to a flat or maisonette but has a common area within the complex that is owned and shared jointly.
- Terrace House is a row of privately owned houses that share common side walls. They are sometimes known as town houses.
- Link-detached is a row of privately owned houses that are joined by garages.
- Semi-detached is two privately owned houses that have a common wall. Sometimes known as a duplex.
- Detached is a house where all the walls face the outside.
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(C) 2016 ~ 2020 SI7 - Stats