Buying and selling of own real estate

NACE code 68.1, 'Buying and selling of own real estate', represents a crucial industry within the broader real estate sector. This industry encompasses the acquisition, ownership, and subsequent sale of residential and commercial properties by individuals or companies. As a key driver of economic activity, the buying and selling of real estate facilitates the efficient allocation of land and buildings, enabling businesses and households to access the physical spaces they require to operate and thrive.

The primary activities within this industry involve the purchase, management, and eventual sale of real estate assets. This typically includes conducting market research to identify suitable properties, negotiating purchase agreements, overseeing any necessary renovations or maintenance, and finally, marketing and selling the properties to interested buyers. Real estate professionals, such as real estate agents and brokers, often play a crucial role in facilitating these transactions and ensuring they are conducted in compliance with relevant laws and regulations.

The main inputs required for the 'Buying and selling of own real estate' industry include the real estate properties themselves, which can range from residential homes to commercial office spaces and industrial facilities. Additionally, this industry relies on various professional services, such as legal counsel, property appraisers, and financial institutions to provide the necessary expertise and financing options for real estate transactions. Skilled real estate agents and brokers are also a critical input, as they leverage their market knowledge and negotiation skills to connect buyers and sellers.

The primary output of the 'Buying and selling of own real estate' industry is the transfer of ownership of real estate properties from one party to another. These properties can then be utilized by the new owners for a variety of purposes, such as 68.2 Renting and operating of own or leased real estate, 68.3 Real estate activities on a fee or contract basis, or 41.1 Development of building projects for further construction and development. The efficient functioning of this industry is essential for the broader real estate sector and the overall economy, as it facilitates the optimal allocation of physical spaces for businesses, households, and other economic activities.