The Real Estate market has drastically changed in the 21st century. It is not booming as it used to in the first part of the 20th century. For instance, the productivity in construction and also in building business has dropped more than by 50% since 1960. The huge expansion seen in such cities as New York, London, Toronto, Tokyo had become less active. Just so you know, contruction commerce brings to GDP of each country approximately 13% of overall national profit. This is the one big number and very often the development of one country depends on the construction commerce among other factors.
There are many reasons why this process takes place. New political regulations would be the main factor which influenced the development of construction commerce. Also, real estate agencies and construction companies had old-fashioned understanding of running the business of real estate. E-commerce, which is now a vital part of almost every business, has not fully penetrated the construction business yet.
Also, the changes in construction world were so poor and scarce they were not enough to really set the difference. One of the most vivid examples of when the changes had actually taken place are such construction projects as Tyrian in Kiev and Opera in Hamburg. They are considered to be highly technological and they are expected to set the new mode of building very soon. If there were more of such projects in our environment, construction commerce would surely bring more profit to GDP.
Another problem which Real Estate market faces today is management coordination, or, it would be better to say, lack of it thereof. How many times had the construction project been postponed due to poor management coordination? Countless of times, we dare say. How many deadlines had been pushed to the point of impossible and how many projects had been frozen in the middle? Technology which is now rapidly developing had not fully reached its potential in the Real Estate market. Also, ecological issue needs to be taken into account as now the houses should be built according to all ecological rules so that environment is not disturbed in any way.
As we can see, there are many problems that exist in the construction business today but they can all be fought with new approach and also technologies which would return it its former beauty.