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The History of Real Estate

by:UFO      2020-08-21

The history of real estate is tightly tied with man's quest for settlement and his constant search for a permanent home. It started back during pre-historic times of the tribal system and started to take shape during the feudal system where tenancy and taxes began to predominate. Back then, peasants and merchants bought, rented or sold properties under the nose of the royal class. When aristocracy was put to end in most areas of the world, the system of renting and taxation was put in the responsibility of politicians. Title lands came into existence, and lands were sold in what seemed like a free market in favour of merchants and citizens with money.

The idea of mortgages also existed way, way back and there is no particular country that its history can be traced to. Initially available only to the noble class, the industrial revolution effectively equalized the system as the wealth of the world became even. This was when mortgage loans began to be granted even for common people, who then were able to own and build homes for themselves.

In the United States, the idea of organized Real Estate came to be in the late 19th century. The National Association of Real Estate Exchanges was founded in 1908, which sought to unite those in the real estate industry for the purpose of unifying efforts for the interest of real estate. It was in the early 1920's when various states adopted real estate licensing laws. About a decade after that, America experiences the great depression which led to the collapse of the real estate market.

However, a few years after, the real estate industry regained back its prowess. The National Housing Act was enacting in 1934, which created the Federal Housing Administration. The industry experienced steady development in the years that followed, with the concept of condominiums introduced in the 1950's.

In the 1970's, there came about a significant increase in housing prices which have made it difficult for ordinary earners to own their own homes. At this time, inflation hit more than 20% and home loan interest rates were as high as 18%. With the fall of the Berlin Wall in 1989, the real estate industry took a turn (as did the rest of the world). This brought forth a positive trend in the real estate industry and soon after, more and more investors staked money in the industry and there was no turning back.

Today, the real estate development industry still undergoes its ups and downs. The risk involved in real estate continues to be there. However, with the years, real estate companies, banks and lenders have sought to make property ownership easier for Americans. Property is now seen as an investment that you can buy, rent, sell or trade. There are laws that govern these transactions to protect the interest of property owners, tenants and buyers. The power to own properties - which then was available only to tribal leaders, kings and landlords - is now ours. And that makes all the difference.

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