Property development encompasses many different strands but, in the main, involves purchasing a piece of land and building on it, then marketing and selling or renting the home or apartments on. It could also mean purchasing a run-down property and developing it, with similar aims.
Developments can cover residential or commercial sectors and range from one or two house building projects to entire warehouses for logistical companies. The latter usually involves tapping into various different types of funding schemes available and becoming a silent partner in a managed venture. Usually the larger the development, the bigger and more profitable the return.
Development involves plenty of research into economic conditions, location and industry trends. How much you want to become involved in a particular project depends on the amount of capital you have to invest in the first place and how much time and energy – not to mention the skills – which you have to devote to it.