Description

Real estate industry has always been perceived as a local phenomenon. It is among the least "tradable" of products, in the sense of being physically unmovable, even though it can be bought and sold both domestically and internationally. In the last decade, however, globalization has increasingly involved the internationalization of services sectors as much as of manufacturing, and the various sub-sectors of the real estate industry have been enthusiastic participants in this global surge. Builders, brokerage firms, consulting and services firms, real estate finance firms and investors have extended their area of operations beyond local markets to a worldwide base. Several factors have also led to this transformation of the industry. Technological changes have extended the geographic reach and weakened the nexus between “local” and “location.” The opening up of formerly closed economies in the developing world has opened doors of opportunities for real estate firms across the globe.