Real estate is real property consisting of the structures and land on it, and its accompanying natural resources like water, minerals, or plants; immovable real estate; an additional interest in the underlying object of real estate, buildings, or housing in general, together with any improvements made to such real estate, etc. The term real estate was derived from the medieval Latin real “re,” “estate” and “lien.” The word real estate also came from the Latin real “re,” ” estates,” “nis,” “sell,” “iar,” “nis dominus” and “re dominus”. There are many things real estate signifies and involves.
Real estate involves the ownership and right to use real property for private, exclusive, economic, and social purposes, the actual possession of the land by a person, collective or corporation, and the physical characteristics of the real estate such as the structure of the land, the nature, and quality of the soil, the fertility of the land, etc.
Driver Of Economic Growth
With respect to individual properties, real estate also involves the ownership and right to use personal property in the same manner as other personal properties and the underlying physical characteristics of the personal property in Casas En Arriendo En Medellín. Some examples of real estate include tangible personal property and immovable real estate.
Real estate involves various other characteristics of the real estate and it also involves the improvements made to such real estate. These include buildings, monuments, fences, roads, bridges, parks, sewers, electricity poles, underground cables, water pipes, underground electric cables, etc. Besides these factors, certain other economic characteristics of the real estate are ownership, occupation, geographic location, etc., and these factors are interrelated. These factors determine the value and prices of real estate.
As an example, while there may be a plentiful supply of labor, the availability of land may constrain the ability of the people to build on that land. In addition, the land or real estate may have all the natural advantages needed for humans to live comfortably.
These natural advantages may limit the growth of the people and also make it difficult for them to build the homes required by them. At the same time, scarcity of land makes it necessary to build homes from pre-owned materials. This is where the role of real estate investors comes into play. They buy these homes and then add to and improve the economic characteristics of the land.
For instance, to improve the economic characteristics of the land, a real estate investor may add to the basic amenities of the land. One such improvement can be the building of houses with better facilities such as better plumbing, better roads, improved electrical systems and sewer systems.
They may also add to the basic structure of the land by improving homes and by making them luxurious. This improves the overall appearance of the land. The same goes for the sewer system. There may be a shortage of sewer lines in some parts of the country and it becomes necessary for real estate investors to invest in sewage systems.
Another critical driver of economic growth is the construction of roads. The roads help transport people and their goods from one place to another. This facilitates the movement of people and goods, which lead to the increase of business activities. Real estate investors buy buildings that need to be constructed and improve the conditions of the land to make it more conducive for the investors to make investments. By doing this they increase the value of the real estate and thereby increase the income of the people.