The word real estate was first used in the year 1666; the word real is derived from royal. Previously all lands were owned by royal families, and no citizens have the right to own it. Real estate is sometimes called real property. Developing private property real estate has become a major business and contributes a significant chunk to the country`s economy.
There is an increasing interest in buying property in Singapore from private bankers from Hong Kong. Buyers are willing to pay a premium price for Singapore property. Property prices rose around 7.9% in a year. Prices of property in 2019 are expected to stable or rise slightly. Around 50 new projects are expected to be completed in the year 2019. If you are an architect, you will find a lucrative Real Estate Jobs in Singapore. An architect interoperates the idea and gives real shape to it to a form of a building. Whether you are developing and designing, a commercial or residential building, every building is unique in its own right.
Residential real estate includes the construction of new buildings and resale of old ones. These can be townships, duplexes, multi-storied buildings, or high-value homes. Commercial real estate consists of shopping malls, medical, educational buildings, hotels, and offices. Industrial real estate evolves around factories and warehouses. These buildings can be used for the production, storage, and distribution of goods. The classification is important because each has its own design and construction needs. The price of the buildings differs according to their classification.
Real estate is an important part of the economic growth of a country. Construction of new buildings is an element of gross domestic product, be it residential, commercial, or industrial building. Real estate agents help house owners, businessmen, and investors to buy and sell all types of property. The economy has its own ups and downs which effect s buying and selling of property, but the real estate never ceases to exist. You may not get the expected price of the property in downtime, but that does not mean you not get the desired price in the future.
Real estate development is a procedure consisting of purchasing of land, constructing or renovating the building, sale, or lease out the finished habitable building to end-users. Developers earn a profit by adding value to the land or building by constructing, renovating, or rezoning. To make a profit out of the venture, they take the risk of financing the project.