Real estate
‘Real estate’ is a legal term which is used to refer to real, or tangible, property. This includes land and the buildings that are on it, as well as any and all natural resources (e.g. minerals, crops, animals, water), as well as the air rights above the land and underground rights below the land.
The real estate sector is concerned with the buying, selling, renting and developing land and buildings.
The different types of land and buildings real estate include:
- Residential real estate: Used as a living space, e.g. domestic buildings, flats, and so on.
- Commercial real estate: Used exclusively for business purposes, e.g. shops, offices, hotels, restaurants, and so on.
- Industrial real estate: Used for the manufacture and production of goods, e.g. factories, warehouses, chemical plants, and so on.
More detailed classifications are provided by the use class definitions used for planning permission purposes. For more information see: Use class.
NB RICS Valuation – Global Standards, Effective from 31 January 2022, Published by the Royal Institution of Chartered Surveyors (RICS) in November 2021, defines real estate as: ‘Land and all things that are a natural part of the land (e.g. trees, minerals) and things that have been attached to the land (e.g. buildings and site improvements) and all permanent building attachments (e.g. mechanical and electrical plant providing services to a building), that are both below and above the ground. (Note that a right of ownership, control, use or occupation of land and buildings is defined as a real property interest in IVS 400 at paragraph 20.2.)’
[edit] Related articles on Designing Buildings
- Estate agent.
- Estate agent fees.
- How technology is changing the real estate industry.
- How we should regulate the real estate industry.
- Mortgage.
- Property chain.
- Property development finance.
- Property ownership.
- Property valuation.
- Real estate in the augmented age.
- Real estate investment trust (REIT).
- Stamp duty land tax.
- What is an estate?
- Use class.
- Asset.
- British Property Federation BPF.
- Freehold.
- Glossary of property law terms.
- Housing tenure.
- Land.
- Premises.
- Property rights.
- Types of building.
Featured articles and news
The CIAT principal designer register
Providing assurance and verification of the capability and competence of registered ATs.
Building Safety recommendations and Northern Ireland
The NI roadmap to improving safety in high rise residential.
BSA residential sector competence standards guidance
BSAS 01:2024 Organisational Capability Management System Standard - Competence Assurance.
Specifying rendered external wall insulation for fire safety
How to interrogate the evidence provided to the specifier.
The benefits of writing articles for your organisation
How to create a profile for your organisation and publish for free.
No Falls Week. The importance of safe working at height
What to expect and what is on offer to avoid accidents.
Scottish Government action to reach net-zero targets
Retrofit expert group highlight critical actions needed.
A forward thinking, inclusive global community of members.
From engineered product life-spans, to their extension.
Circular economy in the built environment
A brief description from 2021. Where are we now?
CLC publishes domestic retrofit competency framework
Roadmap of Skills for net zero.
Understanding is key to conservation.
Open industry engagement survey seeks responses
Institutions and the importance of engagement.
National Retrofit Hub unveils new guide
Digital Building Logbooks and Retrofit: An Introduction.
Comments
[edit] To make a comment about this article, or to suggest changes, click 'Add a comment' above. Separate your comments from any existing comments by inserting a horizontal line.