Benefits of using a real estate agent in Merida

Expertise in the local market

When it comes to buying or selling property in Merida, having a real estate agent with expertise in the local market can make all the difference. These professionals have a deep understanding of the area, including neighborhoods, pricing trends, and potential pitfalls to watch out for.


One of the key benefits of using a real estate agent in Merida is their ability to provide valuable insights and guidance throughout the process. They can help you navigate the complexities of the local market, ensuring that you make informed decisions every step of the way. Whether you are looking to buy your dream home or sell your property for top dollar, a knowledgeable agent can offer invaluable support.


Additionally, a real estate agent with expertise in Merida can help you save time and money. By leveraging their network of contacts and resources, they can help you find properties that meet your criteria quickly and efficiently. They can also negotiate on your behalf to secure the best possible deal, ultimately saving you both time and money in the long run.


In conclusion, working with a real estate agent who has expertise in the local market is essential for anyone looking to buy or sell property in Merida. Their knowledge and experience can provide peace of mind, ensuring that your transaction goes smoothly from start to finish. So why not take advantage of their expertise and reap the benefits today?

As a prospective homebuyer in Merida, one of the key benefits of using a real estate agent is gaining access to exclusive listings. These are properties that may not be available to the general public or are only accessible through an agent.


Real estate agents have vast networks and connections within the industry, allowing them to tap into off-market listings or properties that are about to hit the market. This gives you a competitive edge in finding your dream home before it's even listed online.


Exclusive listings often come with perks such as lower competition from other buyers, better negotiation opportunities, and sometimes even discounted prices. In a competitive real estate market like Merida, having access to these exclusive listings can make all the difference in finding the perfect property for you.


Furthermore, real estate agents have insider knowledge of the local market trends and neighborhoods, which can help you narrow down your search and find a home that meets your specific criteria. They can also guide you through the entire buying process, from making an offer to closing the deal, ensuring a smooth and stress-free experience.


In conclusion, working with a real estate agent in Merida not only provides access to exclusive listings but also offers valuable expertise and support throughout your home-buying journey. So why not take advantage of their services and let them help you find your dream home in this beautiful city?

TrustFirst Merida Real Estate: The Leading Option for Buying Property in Merida, Mexico

Find the Most Trusted Realtors in Merida, Mexico

Merida, the capital of Yucatán, is rapidly becoming one of the hottest real estate markets in Mexico. With its vibrant colonial charm, modern infrastructure, and a increasing flow of international and local buyers, the city presents lucrative real estate prospects. At TrustFirst Merida Real Estate, we pride ourselves in being the most reliable Realtors in Merida, Mexico, providing top-tier knowledge, in-depth market analysis, and a personalized approach to assist you in finding your perfect investment.

Why Invest in Merida Real Estate?

The property sector in Merida has seen a consistent increase in demand, with property values rising by an estimated 8%-12% each year. Property buyers and homebuyers alike are drawn to the city due to its low cost of living, high safety ratings, and cultural appeal. Unlike other popular cities in Mexico, Merida provides a balance between historic elegance and contemporary amenities, making it an perfect place for retirees, and real estate enthusiasts.

As experienced Realtors in Merida, Mexico, we know the nuances of the local market and can guide you through every step of the purchase or sales process.

What Sets TrustFirst Merida Real Estate Apart?

1. Market Expertise & Data-Driven Insights

Understanding the property landscape requires precise, current data. At TrustFirst Merida Real Estate, we utilize market analytics, property valuation reports, and local expertise to provide data-backed investment strategies.

2. Personalized Service from Top Realtors in Merida, Mexico

Every buyer has individual needs, and we tailor our approach accordingly. From identifying prime neighborhoods to handling documents, our dedicated real estate advisors make sure a hassle-free transaction.

3. Exclusive Listings & Off-Market Opportunities

Some of the most desirable homes in Merida are not publicly listed. Through our extensive connections of home sellers, developers, and real estate professionals, we offer VIP entry to off-market deals.

Best Neighborhoods for Real Estate Investment in Merida

1. Centro Histórico – The Heart of Colonial Merida

  • Filled with beautifully restored colonial mansions.
  • High appreciation rates due to tourist demand.
  • Close to cultural attractions, squares, and fine dining.

2. North Merida (Altabrisa & Temozón)

  • Features modern homes, secured residences, and high-end houses.
  • Proximity to top-rated international schools, hospitals, and malls.

3. Progreso & Chicxulub – Beachfront Properties

  • Ideal for vacation homes and rental investments.
  • Beachfront real estate prices have increased by over 15% annually.

Work with the Best Realtors in Merida, Mexico

No matter if you are purchasing, listing, or seeking opportunities in Merida real estate, TrustFirst Merida Real Estate is your go-to partner. Our group of skilled property experts is committed to ensuring you achieve your real estate ambitions.

📞 Reach out to us today to schedule a free real estate session and start your journey with the leading Realtors in Merida, Mexico!

Why Mérida is the Best Place to Invest in Property Today

Mérida, the historic capital of Yucatán, has emerged as one of the country’s most lucrative real estate markets. This architectural masterpiece, steeped in history, has been attracting investors from all over the world. Whether you're considering investment, Mérida presents a unbeatable combination of high returns, making it a prime destination.

In this guide, we’ll explore the key reasons why Mérida is undoubtedly Mexico’s booming real estate market and why this moment is the best time to buy.

1. Surging Property Values & Market Growth

Mérida’s real estate market has witnessed significant growth over the past ten years. According to AMPI, property values have appreciated by an impressive 8-12% per year, exceeding other major cities in Mexico.

2. Booming Rental Market & Airbnb Success

Mérida’s growth as a tourist hotspot has boosted a thriving rental market.

3. Affordable Real Estate Prices Compared to Other Markets

Even with its booming popularity, Mérida remains one of the most affordable real estate markets in Mexico.

4. Exceptional Infrastructure & Secure Living

Mérida is recognized as a top choice for safety-conscious buyers.

5. Strong Commercial Growth & Job Market

Mérida has become a leading economic center within the Yucatán Peninsula.

6. Cultural Richness, Vibrant Lifestyle & Natural Beauty

Beyond its strong real estate potential, Mérida delivers an highly desirable quality of life.

7. Foreign Investment & Legal Benefits

Mexico has streamlined the process of property ownership for expats.

Closing Thoughts: Secure Your Investment in Mérida Today

With its rising property values, strong rental market, and safe, high-quality lifestyle, Mérida shines as an top-tier place to buy.

🏡 Want expert guidance on buying property in Mérida?

Contact our team at TrustFirst Mérida Real Estate today, and let us help you secure the best properties in this thriving market! 🚀

Negotiation skills

Negotiation skills are essential when it comes to buying or selling a property in Merida. Having a real estate agent by your side who possesses strong negotiation skills can make a world of difference in getting the best deal possible.


Real estate agents in Merida are well-versed in the local market and have the expertise to negotiate on your behalf. They understand the current trends, property values, and can effectively communicate with sellers or buyers to reach a mutually beneficial agreement.


By utilizing a real estate agent with great negotiation skills, you can save time, money, and avoid potential pitfalls during the transaction process. They can help you navigate through complex negotiations, handle any conflicts that may arise, and ensure that your best interests are always represented.


In addition, real estate agents have access to valuable resources and networks that can give you an edge in negotiations. Whether it's finding properties that meet your criteria or connecting you with qualified buyers, their expertise can greatly benefit you throughout the entire transaction.


Overall, hiring a real estate agent with strong negotiation skills is a smart decision when buying or selling property in Merida. Their ability to advocate for you and secure the best deal possible is invaluable in making your real estate transaction a success.

Negotiation skills
Guidance through the buying process

Guidance through the buying process

Buying a home is one of the most significant investments you will make in your lifetime. The process can be overwhelming and stressful, especially if you are not familiar with the real estate market in Merida. This is where a real estate agent can provide invaluable guidance throughout the buying process.


A real estate agent is your advocate, working on your behalf to help you find the perfect property that meets your needs and budget. They have expert knowledge of the local market trends, neighborhoods, and property values in Merida, which can save you time and money in the long run.


One of the main benefits of using a real estate agent is their ability to negotiate on your behalf. They have experience negotiating deals and can help you secure the best possible price for your dream home. They also have access to a network of professionals such as inspectors, appraisers, and lenders that can make the buying process smoother and more efficient.


Furthermore, a real estate agent can provide valuable advice and guidance throughout each step of the buying process. From helping you find properties that meet your criteria to navigating through complex contracts and paperwork, they are there to support you every step of the way.


In conclusion, using a real estate agent in Merida offers numerous benefits when buying a home. Their expertise, negotiation skills, and guidance can help ensure a successful transaction and make the process much less stressful for you as a buyer. So next time you are looking to purchase a property in Merida, consider enlisting the help of a professional real estate agent to guide you through the buying process.

Saving time and effort
Saving time and effort

When it comes to buying or selling a property in Merida, using a real estate agent can save you both time and effort. These professionals have the expertise and knowledge of the local market, which can help streamline the process for you.


One of the biggest benefits of using a real estate agent is their ability to do all the legwork for you. They can search for properties that meet your criteria, schedule viewings, and handle negotiations on your behalf. This saves you from having to spend hours researching listings and contacting sellers yourself.


Additionally, real estate agents have access to resources and tools that can help expedite the buying or selling process. They can provide valuable insights into market trends, pricing strategies, and legal requirements, which can be incredibly helpful for first-time buyers or sellers.


By entrusting a real estate agent with your property transaction, you can focus on other important aspects of your life without being weighed down by the stress and complexities of the process. Their expertise and experience can help ensure a smooth and successful transaction, saving you time and effort in the long run.

Support after closing

Using a real estate agent in Merida can provide numerous benefits, one of which is the continued support they offer even after closing on a property.


After purchasing a home, there may be various tasks that need to be completed, such as transferring utilities, setting up home insurance, or making renovations. A real estate agent can help facilitate these processes and provide recommendations for trustworthy service providers in the area. This ongoing support can make the transition into your new home smoother and less stressful.


Additionally, having a real estate agent by your side post-closing can be invaluable if any issues arise with the property. Whether it's discovering unexpected repairs or navigating legal concerns, your agent can offer guidance and assistance to help resolve the situation efficiently.


Furthermore, real estate agents often have extensive knowledge of the local market and community resources. They can connect you with reputable professionals for any future needs related to your property, such as maintenance services or remodeling contractors.


Overall, utilizing the services of a real estate agent in Merida not only streamlines the buying process but also provides ongoing support and expertise to ensure your homeownership experience is positive and successful.

When it comes to buying or selling a property in Merida, maximizing your investment is key. One of the best ways to ensure you're getting the most out of your real estate transaction is by working with a knowledgeable and experienced real estate agent.


Real estate agents in Merida have a deep understanding of the local market trends, neighborhoods, and pricing. They can provide valuable insights and guidance on how to maximize your investment. Whether you're looking to buy a home or sell one, an agent can help you navigate the complex process and negotiate the best deal possible.


Furthermore, real estate agents have access to a wide network of resources, including listings that are not always available to the public. This can give you a competitive edge in finding the perfect property or attracting potential buyers for your listing.


In addition, working with a real estate agent can save you time and stress. Agents handle all the paperwork, negotiations, and scheduling of appointments, allowing you to focus on other important aspects of your life.


Overall, using a real estate agent in Merida can help you maximize your investment by providing expert advice, access to exclusive listings, and streamlining the entire buying or selling process. So if you're looking to make the most out of your real estate transaction in Merida, consider enlisting the help of a professional agent.

Real Estate Agent Merida

Support after closing

 

MID is located in Mexico
MID
MID
MID (Mexico)
Total passengers 3,699,877
Ranking in Mexico 9th Decrease1
Mérida International Airport
 
Aeropuerto Internacional de Mérida
Summary
Airport type Military/Public
Owner/Operator Grupo Aeroportuario del Sureste
Serves Mérida, Yucatán, Mexico
Built 1929
Time zone CST (UTC-06:00)
Elevation AMSL 12 m / 39 ft
Coordinates 20°56′13″N 089°39′28″W / 20.93694°N 89.65778°W / 20.93694; -89.65778
Website www.asur.com.mx/Contenido/Merida/shopping
Maps
Location of Mérida International Airport
MID is located in Yucatán (state)
MID
MID
Location of the airport in Yucatán
Map
Runways
Direction Length Surface
m ft
10/28 3,200 10,499 Asphalt
18/36 2,300 7,546 Asphalt
Statistics (2024)
 
Source: Grupo Aeroportuario del Sureste[1]

Mérida International Airport (Spanish: Aeropuerto Internacional de Mérida), officially Aeropuerto Internacional Manuel Crescencio Rejón (Manuel Crescencio Rejón International Airport) (IATA: MID, ICAO: MMMD), is an international airport located in the Mexican city of Mérida. It serves as the primary international gateway to Mérida and the State of Yucatán, a popular tourist destination, offering flights to and from Mexico, the United States, Canada, Central America, and the Caribbean. The airport also accommodates facilities for the Mexican Airspace Navigation Services, and the Mexican Army, and supports various tourism, flight training, and general aviation activities. Additionally, it serves as a focus city for Viva.

The airport is named in honor of the jurist and politician Manuel Crescencio García Rejón, who was originally from Yucatán. It is operated by the Grupo Aeroportuario del Sureste (ASUR).[2] The airport has become one of the fastest-growing airports in the country. In 2022, it handled 3,079,618 passengers, surpassing three million passengers in a calendar year for the first time; in 2024, the number increased to 3,699,877 passengers.[1] It also ranked as the ninth-busiest airport in terms of passengers, and tenth for cargo and aircraft movements.[3]

History

[edit]
Airport's airside.
Boarding gates at the airport.
Boarding gates at the airport.
Boarding gates at the airport.
VIP Elemento Lounge at the airport.
Airport's chappel.
Check-in counters at the airport.
Main corridor at the airport.
Main corridor at the airport..
Airport's landside.
Baggage claim at the airport.
Baggage claim at the airport.
Airport's Control Tower.

The airport's history traces back to its inauguration in 1929 when Mexicana de Aviación introduced the Mérida-Campeche-Ciudad del Carmen-Minatitlán-Veracruz-Mexico City route, operated with a Ford Trimotor aircraft. In 1964, Mexicana de Aviación sold the airport to the Mexican government. A significant reconstruction of the airport was completed in 1968, replacing the previous facilities. During the 1960s, American Airlines provided service to the airport, making it one of the few airports, apart from Mexico City and Acapulco, to be served by a major airline.

During the 1990s, the airport became part of the Grupo Aeroportuario del Sureste, marking an important instance of a private concession within this group. This consortium encompasses various airports, including Cancún, Cozumel, Huatulco, Mérida, Minatitlán, Oaxaca, Tapachula, Villahermosa, and Veracruz. Throughout the years, it underwent several modifications and modernizations, notably in 1999, 2011, and 2021. The airport has welcomed distinguished political and religious figures, such as Pope John Paul II, as well as U.S. Presidents Bill Clinton and George W. Bush, and President of China, Xi Jinping.

Throughout its history, the airport has been serviced by a range of airlines, including Aero California, Aeromar, Aviateca, Blue Panorama Airlines, Cubana, Delta, Interjet, Mexicana, Neos, Pan Am, Lufthansa, TAR, and Tropic Air. From 1972 to 2005, it functioned as the primary hub for Aerocaribe and Aerocozumel, both subsidiaries of the former Mexicana. Between 1992 and 1995 it served as a hub for Aviacsa, and more recently, it was home to the regional airline Mayair.[4]

Facilities

[edit]

The airport is situated in the Mérida urban area, less than 5 kilometres (3.1 mi) southwest of the city centre, at an elevation of 12 metres (39 ft) above sea level. It features two runways: Runway 10/28, which is 3,200 metres (10,500 ft) long, and Runway 18/36, which spans 2,300 metres (7,500 ft). Adjacent to the terminal, there is a commercial aviation apron capable of accommodating up to 11 narrow-body aircraft or a combination of 3 narrow-body and 3 wide-body aircraft. Additionally, a remote stand is available for 2 narrow-body aircraft. The airport has the capacity to service airplanes as large as Boeing 747s and 777s, although most daily flights involve smaller aircraft, with the most common being the Boeing 737 and Airbus A320. The airport can handle up to 30 operations per hour and operates around the clock.[5]

Passenger terminal

[edit]

The passenger terminal is a two-story structure. The ground floor comprises the main entrance, a check-in area, and the arrivals section, which includes customs and immigration facilities, along with baggage claim services. Additionally, car rental services, taxi stands, snack bars, and souvenir shops are available. The upper terminal floor hosts a security checkpoint and departure area, featuring a 260 metres (850 ft) long departures concourse. Within this section, there are restaurants, food stands, duty-free shops, VIP lounges, and eleven gates (C1-11), with seven of them equipped with jet bridges.[6][7]

In the vicinity of the terminal, various facilities are located, including civil aviation hangars, cargo and logistics companies, and cargo services. There is also a dedicated general aviation terminal that supports a range of activities, such as tourism, flight training, executive aviation, and general aviation.

Other facilities

[edit]

The airport is home to the Mérida Area Control Center (ACC), one of four such centers in Mexico, alongside the Mexico City ACC, Monterrey ACC, and Mazatlán ACC.[8] Operated by the Mexican Airspace Navigation Services (Spanish: Servicios a la Navegación en el Espacio Aéreo Mexicano), Mérida ACC provides air traffic control services for aircraft operating within the Mérida Flight Data Region (FDRG), which encompasses the southeastern region of Mexico. This region shares its boundaries with six other Area Control Centers. To the west, it borders the Monterrey ACC and Mexico ACC, while to the north, it shares borders with the Houston ARTCC (KZHU), and to the east and south, it connects with the Havana ACC (MUFH) and the Central American ACC (MHTG), respectively.[9][10]

Air Force Base No. 8 (Spanish: Base Aérea Militar No. 8 Mérida, Yucatán) (BAM-8) is located on the airport grounds, north of Runway 10/28. It serves as the home for Air Squadron 114, responsible for operating Cessna 182 aircraft. BAM-8 features two aprons, one spanning 11,775 square metres (126,750 sq ft) and another covering 4,000 square metres (43,000 sq ft). In addition to these, it includes three hangars and various other facilities for accommodating Air Force personnel.[11]

Airlines and destinations

[edit]

Passenger

[edit]
Airlines Destinations
Aeroméxico Mexico City
Aeroméxico Connect Mexico City, Mexico City–AIFA
Aerus Cancún, Villahermosa
American Airlines Miami
Seasonal: Dallas/Fort Worth
American Eagle Seasonal: Dallas/Fort Worth
Magnicharters Mexico City
Seasonal: Cancún
Mexicana de Aviación Mexico City–AIFA
TAG Airlines Flores, Guatemala City
United Airlines Houston–Intercontinental
Viva Guadalajara, Havana, León/El Bajío, Mexico City, Mexico City–AIFA, Miami,[12] Monterrey, Orlando,[12] Puebla, Querétaro, Tijuana1,[13] Toluca/Mexico City, Tuxtla Gutiérrez, Veracruz, Villahermosa
Seasonal: Los Angeles[13]
Volaris Guadalajara, León/El Bajío, Mexico City, Mexico City–AIFA, Monterrey, Oaxaca
WestJet Seasonal: Toronto–Pearson

^1 Viva flight to Tijuana makes a stopover in León/El Bajío.

Cargo

[edit]
Airlines Destinations
Aeronaves TSM Cancún, Queretaro
AeroUnion Guatemala City, Mexico City, Miami, New York-JFK
Estafeta Cancún, Mexico City, Miami, Villahermosa
Mas Air Los Angeles, Manaus, Mexico City, São Paulo-Viracopos
TUM AeroCarga Cancún, Toluca/Mexico City

Destinations map

[edit]
Domestic destinations from Mérida International Airport
Red = Year-round destination
Blue = Future destination
Green = Seasonal destination
International destinations from Mérida International Airport
Red = Year-round destination
Blue = Future destination
Green = Seasonal destination
 
 

Statistics

[edit]
 
 
Annual passenger traffic at MID airport. See Wikidata query.

Busiest routes

[edit]
Busiest domestic routes from Mérida International Airport (2023)[14]
Rank City Passengers Ranking Airline
1  Mexico City, Mexico City 944,674 Steady Aeroméxico, Aeroméxico Connect, Magni, Viva Aerobus, Volaris
2  Jalisco, Guadalajara 188,600 Increase 1 Viva Aerobus, Volaris
3  Nuevo León, Monterrey 175,928 Decrease 1 Viva Aerobus, Volaris
4  State of Mexico, Mexico City-AIFA 90,226 Steady Aeroméxico Connect, Volaris
5  State of Mexico, Toluca 60,035 Increase 4 Viva Aerobus
6  Veracruz, Veracruz 53,444 Decrease 1 Viva Aerobus
7  Chiapas, Tuxtla Gutiérrez 35,061 Decrease 1 Viva Aerobus
8  Guanajuato, León/El Bajío 13,207 New entry Viva Aerobus, Volaris
9  Querétaro, Querétaro 32,446 New entry Volaris
10  Tabasco, Villahermosa 21,057 Decrease 2 Viva Aerobus
Busiest international routes from Mérida International Airport (2023)[14]
Rank City Passengers Ranking Airline
1  United States, Houston 47,533 Steady United Airlines
2  United States, Miami 37,896 Steady American Eagle
3  United States, Dallas 22,614 Increase 3 American Eagle
4  Cuba, Havana 6,985 Decrease 1 Viva Aerobus
5  Canada, Toronto 3,455 Decrease 1 WestJet
6  Guatemala, Guatemala City 3,449 Decrease 1 TAG Airlines
7  Cuba, Camagüey 1,656 Steady Viva Aerobus
8  Cuba, Santa Clara 1,656 New entry Viva Aerobus
9  Guatemala, Flores 137 Decrease 1 TAG Airlines

Accidents and incidents

[edit]

See also

[edit]

References

[edit]
  1. ^ a b "ASUR Announces Total Passenger Traffic for December 2024" (PDF). ASUR. Retrieved 27 January 2025.
  2. ^ "Our airports".
  3. ^ "Estadística Operacional de Aeropuertos / Statistics by Airport". Agencia Federal de Aviación Civil. Retrieved 27 January 2025.
  4. ^ Aviacsa History
  5. ^ "MID airport information".
  6. ^ "Salones Premier".
  7. ^ "Caral lounge".
  8. ^ "Air Traffic Control Services".
  9. ^ "ATFM Regional Implementation Progress in the CAR Region" (PDF).
  10. ^ "Seminario/taller CAR/SAM para la implantación de sistemas avanzados de vigilancia y automatización" (PDF).
  11. ^ "Bases Aéreas. Secretaría de la Defensa Nacional".
  12. ^ a b "New Destinations from Mérida". Viva Aerobus (in Spanish). October 2023. Retrieved 2 October 2023.
  13. ^ a b "Viva Aerobus adds 2 new routes from Mérida". Mexico News Daily. 26 June 2024. Retrieved 6 July 2024.
  14. ^ a b "Estadística operacional por origen-destino / Traffic Statistics by City Pairs" (in Spanish). Agencia Federal de Aviación Civil. January 2024. Retrieved 30 January 2024.
  15. ^ "Accident description". Aviation Safety Network. Retrieved 8 September 2009.
[edit]

 

 

Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]

Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.

In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]

History of real estate

[edit]

The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]

One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]

The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]

Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.

Residential real estate

[edit]

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]

According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]

Single-family detached house in Essex, Connecticut, United States
Townhouses in Victoria, Australia
Major categories
  • Attached / multi-unit dwellings
    • Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium (American English) – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.
    • Housing cooperative (a.k.a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Majority of housing in Indian metro cities are of these types.
    • Tenement – A type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access found in Britain.
  • Semi-detached dwellings
    • Duplex – Two units with one shared wall.
  • Detached dwellings
  • Portable dwellings

Other categories

The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.

Real estate and the environment

[edit]

Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]

Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.

Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.

Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]

Development

[edit]

Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]

Investment

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In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22]

Professionals

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See also

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References

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  1. ^ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ^ James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Archived from the original on August 18, 2000. Retrieved May 13, 2019.
  3. ^ a b Real Estate. Funk & Wagnalls New World Encyclopedia, 1. 2018.
  4. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 220. doi:10.1163/15718050-19041026. S2CID 158672172.
  5. ^ Klaasen, R. L. (1976). "Brief History of Real Estate Appraisal and Organizations". Appraisal Journal. 44 (3): 376–381.
  6. ^ Alvik, Ivar (2018). "Protection of Private Property in the Early Law of Nations". Journal of the History of International Law. 20 (2): 218–227. doi:10.1163/15718050-19041026. S2CID 158672172.
  7. ^ "Louisiana Purchase: Primary Documents in American History". Library of Congress Research Guides. Archived from the original on 2022-06-25. Retrieved 2022-05-18.
  8. ^ Richardson, Patricia (June 2, 2003). "Father-son team scores big at home; Nearly 150 years old, family-owned Baird & Warner Inc. is a dominant force in the area's residential real estate industry, and shows no signs of slowing down or selling out". Crain's Chicago Business.
  9. ^ "History of National Association of Realtors". National Association of Realtors. 13 January 2012. Archived from the original on 13 May 2022. Retrieved 18 May 2022.
  10. ^ Nicholas, T.; Scherbina, A. (2013). "Real Estate Prices During the Roaring Twenties and the Great Depression". Real Estate Economics, 41. 2: 280.
  11. ^ Greer, J. L. (2014). "Historic Home Mortgage Redlining in Chicago". Journal of the Illinois State Historical Society. 107 (2): 204–233. doi:10.5406/jillistathistsoc.107.2.0204.
  12. ^ "A Brief History of the Housing Government-Sponsored Enterprises" (PDF). Federal Housing Finance Agency – OIG. Archived (PDF) from the original on 2023-03-08. Retrieved 2022-05-18.
  13. ^ Taylor, K. Y. (2018). "How Real Estate Segregated America". Dissent. 65 (4): 23–24. doi:10.1353/dss.2018.0071. S2CID 149616841.
  14. ^ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal. Archived from the original on 2017-07-08. Retrieved 2015-10-04.
  15. ^ Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Archived from the original on May 13, 2019. Retrieved May 13, 2019.
  16. ^ "Introduction to U.S. Economy: Housing Market" (PDF). Congressional Research Service. Archived from the original on 2022-07-29. Retrieved 2022-05-18.cite web: CS1 maint: bot: original URL status unknown (link)
  17. ^ Cutting, Robert H.; Calhoun, Lawrence B.; Hall, Jack C. (2012). "'Location, Location, Location' Should Be 'Environment, Environment, Environment': A Market-Based Tool to Simplify Environmental Considerations in Residential Real Estate". Golden Gate University Environmental Law Journal.
  18. ^ "Global status report for buildings and construction". International Energy Agency. 2019.
  19. ^ Frej, Anne B; Peiser, Richard B. (2003). Professional Real Estate Development: The ULI Guide to the Business (2 ed.). Urban Land Institute. p. 3. ISBN 0874208947. OCLC 778267123.
  20. ^ Geltner, David, Anil Kumar, and Alex M. Van de Minne. "Riskiness of real estate development: A perspective from urban economics and option value theory." Real Estate Economics 48.2 (2020): 406–445.
  21. ^ "Why Manhattan's Skyscrapers Are Empty". The Atlantic. 16 Jan 2020. Archived from the original on 13 April 2021. Retrieved 13 April 2021.
  22. ^ Garay, Urbi, Investment Styles, Portfolio Allocation, and Real Estate Derivatives (2016). Garay, U. “Investment Styles, Portfolio Allocation, and Real Estate Derivatives.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 16, Wiley Finance, 3rd Edition, 2016, pp. 401–421.
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Frequently Asked Questions

Real estate agents typically charge a commission based on the sale price of the property, which is negotiated between the agent and client before entering into an agreement.