The history of real estate dates back to ancient times. The first known recorded sale of real estate was in Ancient Greece in the 7th century BC, where the philosopher Thales of Miletus is said to have purchased land around the city of Miletus using his knowledge of astronomy to predict a bumper crop of olives. In Ancient Rome, the buying and selling of land became more common, with wealthy families owning vast estates and slaves working the land.
During the Middle Ages in Europe, real estate ownership was often tied to feudalism, with lords granting land to vassals in exchange for military service or other obligations. As trade and commerce grew in the Renaissance period, the concept of property rights became more established, leading to the development of the modern legal system for real estate ownership and transfer.
In the modern era, real estate has become a vital part of the global economy, with a wide range of industries including construction, finance, and property management. The buying and selling of real estate has also become more complex, with various legal and regulatory requirements governing the transfer of property ownership.