How Much Has The Real Estate Business Evolved Since the Mid 2000s?

[Good-Guy]

Since the development of properties, buildings, lands, houses, etc mankind has been involved in the real estate business. Real estate business is a kind of business that has been in existence for a really long time in the history of humankind. I think that one of the most important time in the history of real estate business was the mid 2000s in my country. In my country, this was the time when properties were being built by many investors because they intended to build many properties. I remember the time when condominiums were legalized by the government at that time and many investors were building such condominiums at much higher prices.

Right now the prices of those condominiums are far much higher than it was during the mid 2000s era. At that time, there the rates of taxes were quite low and the policies of the government regarding the real estate business were also lenient. However, things have changed now a lot. The inflation factor has reduced the purchasing power of the investors a lot and now only big investors are investing money in this business. Small investors are now limited to buying lands and flats. So, how much has real estate business evolved since the mid 2000s?

 

[Rachael]

Although I am not in this line of business but I know to some quota that the real estate business has evolved significantly since the mid 2000s. Prior to this time, the real estate business did not have a name, it was just called buying and selling of lands or properties, it was not done in a proper or professional way. The era of civilization has emerged and everything has been changed in the real estate business positively. There is so much positive impact such as; most real estate business are now registered and licensed professionally under the government act and it makes it hard or reduces the level of fraudulent activities in this line of business.

The real estate business has different branches and not just limited to buying and selling of properties. It could be remodeled for other lucrative ventures, it could be leased, it could be given on rental purposes and could be used for agricultural activities. The real estate business even has an overall system that which has all the boundaries of lands, houses and location just in a system which is called the Geographic Information Service (GIS), this can be seen as a positive development and there is now introduction of Right of Ownership (R-of-O) and Certificate of Occupancy (C-of-O) and renewal of documents after a period of 99years from the date of purchase.

 

[btaliat]

If one wants to invest in real estate, the best time is now. There are many people that are now taking the advantages and making sure they buy in the rural areas for now and waiting patiently for the lands to appreciate as it is very sure that lands will always appreciate in value.

I could remember the first land I persuaded a friend to buy in semi-urban area. He didn't want to buy the land then thinking the place is too local. The land he bought for less than $300 is now worth close to $700. That's the power of real estate. The fact that everybody wants to have his or her own house make people to be rushing to buy lands.

But one needs to becareful if one really wants to go into real estate management. There are some people that are taking the advantages of some gullible people to dupe them. There are several cases of some realtors selling one land for more than two customers.

That's not the problem with real estate. There are instances when some people sell land that do not have certificate of occupancy. These land later becomes problem to the buyer when government wants to use the space.

 

[Shigobad2020]

Real estate business has been existing from the onset even it has started thousands of years ago , because it started with the buying and sellings of lands and properties , though it was not known as a real estate business and investment back then but it started evolving gradually and we realises rich and wealthy men took the advantage of making it a business strategy to make more money by buying hectares of land and building houses in it so they will start renting it out and collecting payment at the end of the month or yearly.

One of the evolvement is that the price keeps increasing as then population keeps increasing with the change in economic and development of each country .
Five years ago the price of a two bedroom apartment is around twenty to fifty thousand naira Nigerian currency but now I am paying two hundred thousand naira just for a two bedroom apartment which shows that the business is really evolving .