What attributes are typically included in real estate market characteristics?

The attributes of uniqueness, immobility, and permanence are fundamental characteristics of real estate that distinguish it from other types of investments.

Uniqueness refers to the fact that no two properties are exactly alike, even if they are similar in design or located in the same neighborhood. Every piece of real estate has its own unique features, which can influence its value and desirability.

Immobility highlights that real estate cannot be moved from one location to another. This characteristic means that property location plays a critical role in its value, as some areas may be more desirable due to factors like access to amenities, views, or neighborhood reputation.

Permanence indicates the long-lasting nature of real estate as a long-term investment. Properties generally have a lifespan significantly longer than most other types of investments, and their value can appreciate over time due to demand and development in the surrounding area.

These characteristics are essential for understanding real estate market dynamics and guide investors in making informed decisions.