The real estate property refers to property, land, buildings, air rights over or above the land as well as the rights of underground below the land. In fact, the term “real” has been derived from the Latin word “res” which means real or physical property. Some people claim that the term “real” has been derived from the Latin word “rex” which means “royal”. They claim it because in olden time all properties in a kingdom belonged to the king. However, if you are in the process of getting engaged in real estate investments, you need to primarily know the basic types of real estate properties in order to get associated with a reliable and efficient real estate brokerage such as Papachristou immobiliers in order to ensure the success of your real estate business.
There are basically four types of real estate properties such as residential real estate properties, commercial real estate properties, industrial real estate properties, and land. The real estate business comprises different transactions of real estate properties such as producing, selling and buying real estate properties.
The residential real estate properties comprise both resale and constructing homes especially the single-family homes which are the popular trend in the contemporary real estate industry. However, you can also invest in other popular investments such as co-ops, condominiums, duplexes, townhouses, quadplexes and triple-deckers, high-value homes, vacation homes and multi-general homes.
The commercial real estate properties comprise strip malls and shopping malls, educational and medical buildings, offices and hotels etc. The apartment buildings are also often counted as commercial buildings though they are residential in nature. They are usually considered as commercial properties because they are often used to generate income in terms of rent.
The industrial real estate properties comprise warehouses, manufacturing units and properties, and the buildings used for business research, storage, production or processing as well as buildings meant for the distribution of goods. The classifications of real estate properties or the types of residential properties are very important because the construction, zoning, and sales and purchases are differently as per their categories.
Finally, the land real estate properties are vacant land and ranches, working farms etc. There is also a subcategory of vacant land comprising early developed and undeveloped and reuse, as well as site assembly and subdivision.
The real estate investment across these four categories are considered important factors affecting the economic growth of a country. For example, in the year 2018, the real estate industry in the US contributed $1.15 trillion which is 6.2% of the gross domestic product of the US.