Fixed property is tangible, therefore, it requires maintenance. The property needs to be painted, lawn needs to cut or sometimes some emergency repairs are needed such as an electrical faults or plumbing repairs.
Fixed property is heterogenic in that no two properties are the same. It will differ in some regard whether it is location, view, quality of construction or architectural style. Even when comparing two apartments in the same building you will find that they will differ in some respect.
Fixed property is immobile. Most other products are delivered to the consumer but with property the consumer needs to come to the property. If a property owner decides he wants to move to a more upmarket house, he will need to move to an upmarket suburb.
Unlike shares and stocks, property is not a very liquid asset. It can take at least a month to sell your property and there is also the delay of red tape, with the different authorities, e.g. the local authority first need to issue a rates clearance certificate before the deeds office will process a registration to the new owner.
Fixed property is traded in an inefficient market, when compared to the JSE for example. The prices of shares and stocks are all in one place and information is easily accessible. With fixed property research is required and information is not always accessible to the general public.
Both an investment good and consumption good.
Real estate can be purchased as an invest ...
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...and air, this is well intended unfortunately these laws affect the ownership and use of land. In certain areas such as the West Coast in Cape Town that have Fynbos growing on them buildings need to be constructed on stilts as not to disturb the natural vegetation. In industrial areas the pollution is controlled and some areas may be declared smoke free. In some instances owners may not develop the land at all because of environmental regulations.
Constitution of the Republic Of South Africa, 1996. Act no. 25. (1)
Kotler P & Armstrong (2001) Principles of Marketing, Prentice Hall International, Ninth Edition, p64
Owen A (1991) Marketing and Property People, Macmillan Education Ltd, p10-13
Vinson C, Restrictions on the Way Real Property can be used, http://www.georgialegalaid.org/resource/restrictions-on-the-way-real-property-can-be 
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