Statistical Classification of Economic Activities in the European Community, Rev. 2.1 (NACE Rev. 2.1) - Section M

This section includes the activities of owning, renting out, buying, selling, developing or refurbishing (redeveloping) property. It includes various types of real estate investors (for example, real estate investment companies, real estate investment trust (REITs), real estate asset management firms, real estate funds, real estate development companies or real estate traders, housing cooperatives).

Furthermore, it includes agents and/or brokers in one or more of the following: selling or buying real estate, renting out of real estate, providing other real estate services (for example, appraising real estate or acting as a real estate escrow agent). Activities in this section may be carried out on self-owned or leased property and may be carried out on a fee or contract basis.

This group includes the activities of buying, developing and selling of self-owned real estate.

This class includes:
- buying and selling of self-owned real estate, e.g.:
 • apartment buildings and dwellings
 • non-residential buildings, including office buildings, industrial buildings, warehouses, hotels and other leisure buildings, exhibition halls, self-storage facilities, retail stores/shops, and shopping centres
 • data centres
 • land

This class includes:
- development of building projects for self-owned residential and non-residential buildings or civil engineering works by bringing together financial, technical and physical means to realise the building projects for later sale
- subdividing and improving of self-owned land for later sale

This class includes:
- rental and operating of self-owned or leased real estate:
 • apartment buildings and dwellings
 • non-residential buildings, including office buildings, industrial buildings, warehouses, hotels and other leisure buildings, exhibition halls, self-storage facilities, retail stores/shops, and shopping centres
 • data centres
 • land, including agricultural and forestry land
- provision of homes and furnished or unfurnished flats or apartments for more permanent use, on an annual basis or longer
- operation of residential mobile home sites for primary residences
- development of building projects for own operation, i.e. for rental of space in these buildings

This class includes the intermediation of buying, selling and rental of real estate by bringing clients and sellers or service providers together for a fee or commission. These intermediation activities can be carried out on digital platforms or through non-digital channels (including face-to-face, door-to-door, telephone, mail, and so on). The fee or commission can be received from either the client or the seller of the real estate or the provider of the real estate service. Revenue for the intermediation activities can include other sources of income (for example, revenues from selling advertising space to third parties).

This class includes the provision of real estate activities by real estate agencies or independent real estate agents:
- intermediation in buying, selling and rental of real estate on a fee or contract basis

This class includes:
- activities of rent-collecting agencies
- management of real estate (e.g. property management of real estate or dwellings in joint ownership (mostly carried out on a fee or contract basis))
- activities of real estate valuation
- activities of real estate escrow agents
- advisory activities on a fee or contract basis, in connection to buying, selling and rental of real estate