Real Estate is a term used to describe the natural and man-made immovable properties we own. It is basically made up of land and any natural or man-made resources beneath or on top of the land. Houses, factories, trees, bridges, water, minerals, flower gardens and all other immovable properties found on land are some examples of real estate. Four major types of real estate has been identified. These include land, residential, commercial and industrial real estate.

Land is any stationary property without a man-made structure on it. It is a scarce immobile commodity that has the ability to increase in value if it is in high demand or decrease in value if it is in low demand. All vacant lots, agricultural lands and bushes are classified as land.

Residential real estate includes all houses used for domestic dwellings as single family homes and multi-family homes. There are many types of residential buildings. These include apartments, terraces, semi-detached duplexes, fully detached duplexes and many more.

Commercial Real estate on the other hand refers to any building designated for business purpose. Good examples are hotels, banks, schools, offices, shopping malls, markets, short-let apartments and supermarkets.

Industrial Real Estate describes all buildings used for production, mining, research, and fabrication purposes. Industrial buildings are usually sited in industrial layouts a little bit far away from residential homes to avoid pollution of the clean air in the home atmosphere.

Real Estate is a term used to describe the natural and man-made immovable properties we own. .

Ngozi Ikwueto Author