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#housingmarket #History #realestate

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Written By: Sam

Video Created By: Gabriela Gutierrez

Footage Courtesy of: Getty Images

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Real estate is the best way to make money. And the quickest way to lose money.

At least, that’s what they say.
In reality, the property industry has its ups and downs just like any other market but what
makes it stand out from the crowd is its longevity.
But it wasn’t always the case that you could buy and sell land.
Even before you could slap a price tag on it, the earth under your feet had political sway and
power which could affect the course of history.
So how did real estate go from being owned by elites to being owned by the public...and
elites?

For most of human history, the ground was just dirt and mud. Then someone got the idea to
build a straw hut and - hey presto – real estate was invented.
Or at least, our concept of real estate. The idea of private property took a while to form.
It took so long that humans learned to domestic dogs 800 or so years before permanent
structures were erected. Even before we’d conceptualised how to buy a home, we wanted a
pet to live with. [1]
We see someone building a straw hut. But then someone runs up, yanks a tree branch out

and throws it for a dog to fetch. The straw hut collapses.

But once we figured out how to stop stuff falling over, we were set on figuring out how to
integrate buildings into society.
The oldest known established city was Jericho, in 9000 BC. It’s fair to say any concept of
property laws would be part of their customs or laws, though archaeologists are confident
from their findings that early city states often had communal aspects to land resource
management. [2]
This suggests that humans first focus was on building homes, municipal areas, infrastructure
and, of course, palaces.
That’s because the king or queen or pharaoh or sultan or whoever was in charge owned
everything.
For most of human history, property rights have been firmly in the hands of the elite.
Take Ancient Greece.
Their concept of property rights was not universal.
Only free male adults could own or inherit land, which means women and slaves were out of
the game. They were also closely tied to citizenship or social status so if you think you’ll get
on the property ladder, spare a thought for the red tape Aristotle had to cut through.
But over in Rome, things were different.
There, property law was a significant part of the Roman legal system.
For their time, it was immensely sophisticated, and has even provided the backbone for a lot
of Western law. One monumental idea was to differentiate types of property. [3]
“Dominium” meant you owned the property and “possession” meant you owned a bit of it but
could own all of it one day if certain conditions were met.
So, in essence, these were the ancient world’s equivalent of a mortgage!
In Egypt, however, land ownership was stricter.
Only the Pharaoh or upper echelons of society could get a nice little place out by the Sphinx.
Things weren’t as comfortable for the masses. Any farmer toiling in a field they didn’t own,
or wasn’t owned by their boss, had to pay a fee for the luxury to work.
Dang. Even before property rights were universal, there were landlords and rent!
It would take some time before the value of land changed, but when it did the world was
never the same again.
It’s time to learn How History Works as we chronicle the history of real estate.

Sources:

1. https://www.intrepidpea.com/2019/02/t...
2. https://www.thearchaeologist.org/blog...
3. https://www.britannica.com/topic/Roma...
4. https://www.history.com/news/10-thing...
conqueror
5. https://www.worldhistory.org/Feudalism/
6. https://www.parliament.uk/about/living-
heritage/transformingsociety/towncountry/landscape/overview/enclosingland/
7. https://www.thelandmagazine.org.uk/ar...
8. https://www.smithsonianmag.com/histor...
world-79715124/
9. https://www.thoughtco.com/how-skyscra...
10. https://www.theguardian.com/uk-news/2...
to-be-for-putins-oligarchs
11. https://time.com/6140467/metaverse-re...
12. https://www.gamedeveloper.com/busines...
payments-on-creator-marketplace
13. https://www.bhg.com.au/nasa-moon-houses