The global real estate market is projected to grow at a CAGR of 3.2 percent. The largest growth is displayed in Asia Pacific accounting for 40% of the total market and followed by Western Europe as the second largest with 24% of total market.
The real estate industry comprises land and improvement, which include buildings, fixtures, roads, structures and utility systems. The industry also consists of many facets of property functions, including development, appraisal, marketing, selling, leasing, and property management. Property rights give a title of ownership to the land, improvements, and natural resources. Generally, the industry is highly correlated to the national and local economies. Real estate industry is unique because it has 4 economic characteristics: scarcity, value improvement, permanence of investment, and area location preference.
Land is the baseline for all types of real property, typically refers to undeveloped property and vacant land. Owners and developers acquire land to use it for many different purposes whether to increase the value of the property, to construct buildings, or to exploit the land resources. While land can be improved to increase their value, land exploitation for their natural resources is also common.
Residential real estate is the business of buying and selling housing for individuals, families, or groups of people. This is the one of the most common types of estate and is the most familiar asset class. Residential sector is typically dominated by private sector like developers even though there are government funded residential estates as well. Residential sector encompasses single-family homes, apartments, condominiums, townhouses, and other types of living arrangement.
The commercial sector refers to land and buildings that are used by businesses to carry out their operations. This includes medical centers, office buildings, hotels, shopping malls, restaurants, individual stores, parking lots, warehouses, and many more. Commercial real estate values generally have a lagged response to economic changes. Market liquidity reflects market perception of economic changes. Commercial real estate prices are on the decline not only as a result of the coronavirus crisis and the lockdown restrictions, but also due to structural dramatic trends such as online shopping and remote working, both of which have accelerated due to the outbreak of the pandemic. The effects may permanently affect prices for commercial real estate buildings.
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