Residential property is property which people live in. It is distinguished from other types of property such as warehouses, shops and offices which are designed as business premises. Many types of residential property exist, including bungalows, which are detached single storey houses; standalone multi-storey houses; semi-detached multi-storey houses, one of the most common residential property types; and flats, which are self-contained apartments within multi-storey buildings.
Most new residential property is built in the form of estates. There are large blocks of land which will be taken over by a construction company and levelled so that new building can begin. Usually an entire neighbourhood will be constructed at once, consisting of a multitude of houses, with their interlocking streets, and often some vegetation such as trees and bushes.
In recent years, in many developed countries, the demand for residential property has been generally increasing, leading to a significant rise in property prices. This phenomenon has been noted even when population levels remain static. The explanation offered is that people prefer to live in smaller households these days, compared to earlier times. Some also contend that planning regulations restrict the building of new housing on a sufficient scale to meet the demand, leading to high residential property prices.
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