REAL ESTATE MARKET FUNCTIONS AND THEIR CONTRIBUTION TO ECONOMY

Abstract

Real estate market transactions are critical for the national economy. The real estate rights form a vital sphere of human life. The pivotal role played by real estate transactions is also reflected in the macroeconomic developments.  The reference to the functions of real estate and the definition of the real estate market is of paramount importance for consideration of real estate transactions. Furthermore, real estate market participants also play an important role, who become the principal regulator of the market through a variety of transactional activities.

The notion of the market cannot be reduced solely to the analysis of sales prices and the number of concluded transactions, because the real estate market constitutes a whole, which incorporates all its elements, including market participants, demand and supply, orthe price of real estate. The assessment of the market should be made in a dynamic manner, on considering the changing conditions of market development.