Investing in real estate is always a good idea. And while the industry is currently in a state of decline, you would still do well to do your homework and learn as much as you can about how properties work. So to get you started, here are some lesser known facts about the real estate industry:
The World’s Biggest Real Estate Company is Canadian
With around $285 billion worth of assets under its administration, Brookfield Management in Canada is currently the wealthiest real estate company in the world. Not only do they own much of the skyline in Toronto, L.A., London, and Sydney, but they also hold significant portions of the real estate in the Bahamas, Berlin, and Brazil. Aside from this, they are also one of the largest infrastructure purveyors across the globe, providing 18 hydroelectric plants, many cell towers, electric power lines, wind farms, and 3,600 toll roads in several countries.
Blockchain Applications are Disrupting the Real Estate Industry
Blockchain technology is set to make waves in the real estate industry, poised to change how we acquire properties. Capable of providing smoother communication between buyers and sellers, as well as real-time updates on listings, it can speed up the transaction process for everyone involved.
Moreover, blockchain reduces your need to hire a real estate agent. Many companies and apps are popping up today, offering relatively lower broker fees to help you get through the hard parts of acquiring new real estate like finding titles and inspections and sending contracts to your lawyer. Real estate agents might soon find themselves unemployed if this keeps up!
40% of First Time Real Estate Buyers are Millennials
Millennials may be called a lot of things, including prickly and lazy. However, recent surveys show that they make up a significant portion of the people who are shelling out their hard-earned bucks so they can grab a piece of prime real estate. Not only do they make up to 40% of the market, but many among these Gen Y members are also first-time property buyers, and 65% of them are below 34 years old.
Monaco is the Most Expensive Place to Buy Real Estate
Monaco has always been on top of the list when it comes to expensive real estate, with the current price being $45,000 per square meter. That means you need to shell out around $1 million just to get a 16-square-meter apartment (which is about the size of a large closet)! We’ll give you a couple of moments to let that sink it.
Why is it so pricey, you might ask? Well, Monaco is very beautiful, is a tax haven (if you’re French), and, most importantly, is the home of the Grand Prix. Plus, the country is the second smallest in the world, with just around 2 square kilometers of land to boast of (you can literally walk across the entire nation in an hour or less). So don’t be surprised if prime real estate there are hard to come by.
McDonald’s is a Real Estate Company
Most people think McDonald’s earn their profits from the fast-food industry. But while they do garner up to $9 billion from their franchisees’ sales, the main bulk of their monetary gain comes from the real estate industry. They currently have $40 billion worth of real estate. With the healthy lifestyle trend not going away soon, they would do well to maximize those financial yields.
How About You?
Do you have any info on the real estate industry that we might not know? If yes, then we would like to hear it! Please share them with us!
(This article was contributed by Angelo Casteda)
Featured Image: Pixabay.com