The economic sector centred on the real estate (or property) market is known as the real estate industry. It includes a variety of occupations connected to the assessment, marketing, administration, and management of real estate properties.
The real estate market, where real estate is bought and sold, is at the centre of the real estate sector. Residential, industrial, commercial, office and hotel are the five main submarkets that make up the real estate market.
The real estate industry is home to a diverse range of companies. These include consultancy services, asset management organizations, and real estate development enterprises. Estate agencies and property brokerages—whether independent or franchised—those help clients with property acquisitions, sales, and rentals are also included. Banks are another significant player in the real estate market, and many of them have internal real estate advising and investment divisions.
Along with multidisciplinary property practices offering a variety of real estate-related services, such as surveying, architecture, planning, design, valuation, and building consultancy, the real estate industry also includes businesses that offer property valuations and appraisals, property and block management and administration services, and specialist property assessment services.