Role of Real Estate in the Economy

Real Estate plays an important role in the economy of any country. The importances are given below:

 

1. Employment: Real Estate generates huge employment opportunity. It may be direct or indirect. In USA over 16% of all employment is directly or indirectly created by industry. In Bangladesh around 15000 employment generated by this sector.


2. Career: The study of real estate also provides an introduction to information that may lead to a career in real estate sales, brokerage, investments, appraisal, property management, construction, finance, banking, or land use planning.


3. Real Estate is a massive industry: Private residential, new construction alone contributes over $100 billion annually to gross national product (USA) and contribution to GDP of Bangladesh is 12%-14%


4. Trade centres: Real Estate business governs some associated trade centres, which generated some employment and also create some source of income. The real estate of this country (USA) constitutes over one half of the national wealth.


5. Skillness: In real estate practice, use of new designs, techniques, materials, new constructions etc. develop the skillness of the developers as well as the workers


6. Tax collection: Planned housing programmes generated tax which will help to take other national development programme and ultimately economic base of the country will be sound.


7. Environmental pollution control: A planned house provide some facilities like waste disposal, sanitation, drainage, sewerage etc. which help to control the pollution. As a result national money saved to take controlling measures.


8. Money circulation: Real estate helps to circulate liquid money. The savings are not in stagnant position.


9. Alternative source of income


10. Utilization of valuable land effectively