Residential property refers to real estate that is primarily used for housing purposes. This category includes a variety of dwelling types such as single-family homes, apartments, condominiums, townhouses, and multi-family units. The main characteristic of residential property is that it is designed to provide living accommodations for individuals or families. Residential properties can be owner-occupied or rented to tenants, and they play a crucial role in the real estate market as they are often the primary asset for individuals and families. The zoning regulations for residential properties typically dictate that these areas are meant for living rather than commercial or industrial use, ensuring a community environment focused on habitation.
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