Real estate! Real estate! Real estate!
Real estate here, Real estate there! ( I know right)
There have been several developments going on in many parts of Accra and some major cities in the country and they are referred to as “real estate”. This will probably keep you wondering if there is a real estate craze in town. People are being encouraged to buy and to invest in real estate.
Now to a layman, what comes to mind when you hear Real estate? On a lighter side, one realtor jokingly sums it as “an estate that is real”. There could be some truth in there you know…
So now let’s look at what Real Estate is…
Real estate is a tangible asset. It can be any property that includes land and the buildings on it. There is one other aspect that people often over look. This is the fact that real estate also includes the natural resources that come with it be it crops, minerals or water. So anytime you plan to purchase a property, be sure not to neglect the natural resources that come with it. For instance a good soil is likely suitable for backyard farming. There are also interests and rights inherent in real estate. One just doesn’t buy a parcel of land or a building, but buys the estate or interest or rights that come with it. (These interests and rights will be discussed when we delve deeper some other time)
What Real estate is not
It is not personal property which is not attached to the land permanently. This simply means that your jewelry, furniture, tools, vehicles, boats, etc. are not real estate.
Is Real estate just residential?
Real estate includes residential, commercial, industrial and agricultural land and developments. Although most developers in Ghana are currently building more residential properties and a few commercial ones too, real estate is not just about residential property. And yes, there are agricultural lands to farm and industrial lands for manufacturers and warehouses. These markets are in operation too.
So the next time real estate is mentioned, at least we know our readers know a thing or two.