Real estate activities with own property and development of building projects

NACE code 68.1 covers a crucial segment of the real estate industry, encompassing activities related to the ownership and development of real estate properties. This industry plays a vital role in the broader economy, providing essential infrastructure and facilitating various economic activities. Real estate activities with own property and development of building projects are instrumental in meeting the growing demand for residential, commercial, and industrial spaces, contributing to urban development and economic growth.

The key production techniques in this industry involve the acquisition, management, and development of real estate properties. This includes the purchase or lease of land, the construction or renovation of buildings, and the subsequent leasing or sale of the properties. Real estate developers often work closely with architects, construction firms, and various service providers to ensure the successful completion of building projects. The industry also involves the management and maintenance of owned properties, including tasks such as property management, facility maintenance, and tenant relations.

The main inputs required for this industry include land, construction materials (such as concrete, steel, and lumber), construction equipment and machinery, and skilled labor (e.g., architects, engineers, construction workers). Additionally, access to financing, legal and regulatory compliance, and market research are crucial inputs for real estate development and property management activities.

The primary outputs of this industry are the completed real estate properties, which can be used for residential, commercial, or industrial purposes. These properties are then made available for sale or lease to individuals, businesses, and other organizations. The outputs of this industry are consumed by a wide range of other NACE codes, including 41.1 Development of building projects, 41.2 Construction of residential and non-residential buildings, 68.2 Renting and operating of own or leased real estate, and 68.3 Real estate activities on a fee or contract basis.