Real or physical property.
This can include land, buildings, air rights, and underground rights.
Real is in relation to the land meaning that only things that are permanently attached is included. This is different from personal property which are things such as cars, tractors, and furniture.
In agriculture, crops are consider part of the real estate.
This is broken into 5 main categories:
- Residential: Used for residential purposes like housing, condos, and duplexes
- Commercial: Used for business purposes like apartments, hotels, and offices
- Industrial: Used for manufacturing, storage, or production
- Raw Land: undeveloped, agriculture, and vacant land
- Special Purpose: Used by public such as parks, libraries, and schools
The real estate industry is usually one of the larger parts of any economy.