The real estate business encompasses a diverse range of activities, including the buying, selling, and renting of real estate properties such as land, buildings, and housing. With its roots deeply embedded in the global economy, the real estate sector plays a pivotal role in shaping urban landscapes and driving economic growth.

Sales and Marketing: Central to the real estate business is the role of intermediaries who provide sales and marketing support to property owners in exchange for commissions. Known as real estate agents, brokers, or realtors in North America, and estate agents in the United Kingdom, these professionals facilitate transactions and navigate the complexities of the market on behalf of their clients. In Australia, they are commonly referred to as real estate agents or representatives.

Determinants of Housing Prices: Understanding the determinants of housing prices is crucial for stakeholders in the real estate industry. Numerous studies have sought to analyze the impacts of structural, locational, and environmental attributes of properties on housing prices, shedding light on market dynamics and influencing investment decisions.

Transactions: Real estate transactions involve the transfer of property rights between parties, such as buyers and sellers. These transactions can be intricate, involving significant sums of money and navigating various legal and regulatory frameworks. The process of conveyance, subdivision, and mortgaging are integral components of real estate transactions, each subject to unique conventions and requirements across different jurisdictions.

Addressing Transaction Costs: Transaction costs associated with real estate transactions can pose challenges for buyers and sellers alike. To mitigate these costs, organizations such as the Organisation for Economic Co-operation and Development (OECD) have conducted studies to identify and address transaction inefficiencies. Through methodologies such as the Unified Modeling Language and ontology-based approaches, efforts have been made to standardize transaction processes and estimate associated costs across different countries.

In essence, the real estate business is a dynamic and complex ecosystem that influences and is influenced by various economic, social, and regulatory factors. By gaining insights into market determinants, transaction processes, and industry trends, stakeholders can navigate the real estate landscape with greater confidence and efficacy.