The property market operates through a mix of formal and informal constraints that shape the behaviour of market players. Its physical characteristics include being immobile, complex, heterogeneous, indivisible, and permanent. Economically, the property market is inelastic, enduring, prone to costly delays for developers, and has low liquidity. Its use is determined by location and is interdependent with local characteristics. The property market is divided into four main segments: residential, commercial, industrial, and agricultural. It is unique because property can be taxed, and demand in one area cannot easily be met by property in another. Properties can appreciate over time and are heavily influenced by socio-economic factors such as income, education, and occupation. Additionally, they are sensitive to changes in the local environment and can be used as collateral for securing loans and mortgages for capital investments.
