Business/innovation in real estate development

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Essay

Total Words: 1835

Document Outline

Business/innovation in real estate development

Introduction

Innovation in Real estate business


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Business/innovation in real estate development

Introduction

Shelter is everyone’s basic need to live a life even he was a human of early life or the human of modern world every one required some place to live. In the ancient time, there were low population therefore people easily manage to live in caves or in small houses made with mud or bamboos. However within time as population increase, the land become small for the people and the worth of land gradually increased and to have a piece of land has become very expensive for the average human.

 The land prices have amazingly increased and a person have to spend his entire life saving to buy a house. Everywhere in the world, the land prices are very high; however it is vary from residential area, agricultural land, commercial land and barren land. The increase in the population caused decrease in the residential house and when there is more buyers, the demand supply relations also automatically increase the prices of the house. In this apprehension of increased prices, the real estate business also faced serious crises as people cannot afford expensive houses, therefore, a great down fall recorded since last decade in the real estate business.

Innovation in Real estate business

To encounter the tension in the real estate business, innovation used a competitive advantage to give a new soul to the real estate business. The micro house and micro community idea was introduced that gave a boost to the real estate business. Micro houses are also known as tiny houses, micro condos, micro suits, compact houses, mini houses and little house. They ranged in between a house of 100sq ft to 500 sq ft. Generally its cost varies from $10,000 to $50,000 whereas the average cost of the micro house is $23000.

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