What is the secondary property market?

The secondary property market, also known as the resale market, refers to transactions involving properties that have been previously owned or occupied. These properties are not brand new and may have had one or more previous owners. The secondary market contrasts with the primary property market, where properties are sold directly by developers or builders.

In the secondary market, properties are bought and sold between individual owners or through real estate agents. This market encompasses various types of properties, including houses, apartments, condominiums, and commercial real estate.

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