Real estate is property that is firmly connected to the land. It is impossible to move such an object without damaging its purpose. The category of real estate includes residential and non-residential buildings, land plots, and other structures that are important both for individual citizens and for society as a whole.

Legal characteristics of real estate:

  • Inseparable connection with the land. Real estate objects cannot be moved without compromising their functionality.
  • Registration in the state register. The right of ownership of real estate is subject to mandatory registration with state bodies, such as the USRN (Unified State Register of Real Estate).
  • Object of transactions. Real estate can be the subject of purchase and sale, lease, mortgage, and other civil transactions.

Economic characteristics of real estate:

  • High cost. Real estate is one of the most expensive types of property.
  • Limited supply. Land resources as a basis for real estate are limited, which is why the price strongly depends on the land resource of a particular state. For example, real estate on tropical islands costs significantly more than on the mainland.
  • Durability. Real estate is a long-term asset due to its average service life of 10–30 years (excluding major repairs).

Real estate satisfies the basic human needs for shelter, security, and space for activity. It is also the basis for social and economic stability.

The real estate market is divided into primary and secondary. The primary market includes new buildings and properties that have not had previous owners, while the secondary market includes properties that have already been in operation.