Real estate encompasses the land, as well as any permanent structures attached to the land. These structures may be natural or man-made, and include houses, commercial properties and improvements attached to the land.
Real estate is a form of real property. This differs from personal property, which is the term used to refer to specific items that are not permanently attached to the land, such as vehicles, boats, furniture and farm equipment.
There are four main categories of real estate, which are:
Residential real estate: Any property used for residential purposes, such as family homes, condos, duplexes, townhouses and multifamily residences. Basically, the place where you live is classified as residential real estate.
Commercial real estate: Any property used exclusively for business purposes, such as apartment complexes, restaurants, shopping centres, petrol stations, offices, parking facilities, stores and hotels.
Industrial real estate: Any property used for manufacturing, production, distribution, storage, or research and development.
Raw land: Includes undeveloped property, vacant land, and agricultural lands such as farms and vineyards.