What is property development?
What is property development
Real estate development is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing building to the purchase of raw land and the sale of improve parcels to others. Developers are the coordinators of those activities, converting ideas on paper into real property. They create, imagine, fund, control and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate — and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approvals and financing, build the structure, and lease, manage, and ultimately sell it.