Real estate terms could be similar in many times, that’s why we can mix between the definitions of each of them, one of those terms is real estate development, and those who work in this field called real estate developers or real estate development companies, as many people associate this profession with general real estate commerce. But real estate development is considered to be a comprehensive term, starting by an idea, with many levels of implementation and ended by marketing the project and selling it.
Real estate development is a whole industry, and a sequential chain of different levels ended by a big real estate project, which helps in moving the economic wheel, and adding a lot to the existing real estate which helps in the balance between supply and demand. Real estate development depend on a feasibility study, studying the market needs and the current situation, and then thinking about a suitable projects meet the customers need and compatible with the real estate market situation. That’s why real estate development companies don’t only search for profit but for developing the real estate market.
Real estate development starts with an idea for a project, then making a feasibility study, then choosing the stuff that will be responsible about the project, approve on the designs, and getting the licenses and then start implement the project. After that dealing with executives of the project like the contractor, and contracting with the financier. And the last level is supervising the marketing of the project and selling it.
That’s why we consider the real estate development an effective service in this field helps to make a balance between supply and demand and boost the economy forward.
Real estate development is one of the columns of this field, a whole industry passing through many levels.