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The main reason behind price rise in real estate property in the short period of time is the migration of people. When many people migrate into a city than out, the pressure of the demand causes real-estate prices to rise. Also there is every class of buyers like big landlords, industrialists, NRI's, traders, well advanced doctors and lawyers etc. who are ready to spent 60 lakhs to crores for their dream lands. After buying these lands, they have to spent additional amount of 40 - 50 lakhs on construction and renovation to build their dream houses. There is a period of time among the housing permits and the finishing of building construction. Therefore, in the short-term, as people shift for jobs and schools, housing prices can move away from what's affordable for people in the long-term.
Rental prices are basically limited by people's income, but resale prices are not necessarily limited in the short-term, as long as people can finance their purchases.

Thanks foe sharing about main reason...

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Real estate economics is technical application of the real estate market. It attempts to describe explain and predict the mode price supply and demand.These pure investors they do not spend them to buy real estate. When many people migrated to the city than the demand pressure leading to rising real estate prices

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Thanks dear friend for sharing these info...

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Every piece of real estate is unique, in terms of its location, in terms of the building, and in terms of its financing. This makes pricing difficult, increases search costs, createsinformation asymmerty and greatly restricts substitutability. To get around this problem, economists define supply in terms of service units, that is, any physical unit can be deconstructed into the services that it provides.

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Looking nice and useful info thanks...

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