The 400 Year Cycle of Real Estate
Use my link to get a free bag of fresh coffee with any subscription purchase: http://drinktrade.com/howhistoryworksSign up for my FREE newsletter! - https://www.compoundeddaily.com/------#housingmarket #History #realestate Link To My Other Channel: https://www.youtube.com/c/HowMoneyWorksWritten By: SamVideo Created By: Gabriela GutierrezFootage Courtesy of: Getty ImagesMusic Provided By: Epidemic SoundFor sponsorship inquiries, please contact [email protected] 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 whatmakes 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 andpower which could affect the course of history.So how did real estate go from being owned by elites to being owned by the public...andelites?For most of human history, the ground was just dirt and mud. Then someone got the idea tobuild 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 permanentstructures were erected. Even before we’d conceptualised how to buy a home, we wanted apet to live with. [1]We see someone building a straw hut. But then someone runs up, yanks a tree branch outand 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 tointegrate buildings into society.The oldest known established city was Jericho, in 9000 BC. It’s fair to say any concept ofproperty laws would be part of their customs or laws, though archaeologists are confidentfrom their findings that early city states often had communal aspects to land resourcemanagement. [2]This suggests that humans first focus was on building homes, municipal areas, infrastructureand, of course, palaces.That’s because the king or queen or pharaoh or sultan or whoever was in charge ownedeverything.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 ofthe game. They were also closely tied to citizenship or social status so if you think you’ll geton 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 lotof 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 butcould 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 wasnever 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/timelineofhumans.html2. https://www.thearchaeologist.org
