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.

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