What is real estate development

What is real estate development? It can be defined as follows: 

• Real estate development or property development can be described as a change to existing use of land by providing a real estate solution for society by designing, financing and constructing a facility that satisfies demand. 
• It is a process requiring meticulous and thorough research together with a firm understanding of current and future market conditions in the property industry.  

• Some may consider property development as a skill, but in reality, property development is an analytical process of how a specific development matches the current and projected market in line with associated risks and financial rewards.