Overview of the Real Estate Industry: Evolution and Trends
The real estate sector assumed greater prominence with the liberalization of the global economy, and the increase in business opportunities and labor migration led to a greater need for commercial and housing space. Demand for real estate is driven by population growth, employment opportunities, income levels, interest rates, and access to capital. The real estate landscape is changing because of urbanization, demographic changes, sustainability, technological changes, and the changed financial system. These changes have major implications for the real estate industry, increasing the size of the real estate asset base via huge investments. The profitability of individual companies depends on property values and demand, which are both impacted by general economic conditions.