Land and Real Property Economics in Ethiopia

Academic Paper from the year 2023 in the subject Politics - Region: Africa, , language: English, abstract: Real estate development, or property development, is a business process, encompassing activities that range from the renovation and release of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.

Real estate development is the continual reconfiguration of the built environment to meet various needs of space of society. This means just finishing of physical construction of a building is only a single phase of development. It has to be reconfigured/ reorganized. Reconfiguration or rearrangement should be continued.

Therefore, real estate development is not a simple matter even if it is adequately financed, all serviced are provided, all approvals are given and developed space is quickly sold.

Real estate development is ideas that come to fruition and use the brick and mortar put in place by the development team.

At the end of a property development, a value is realized by providing usable space over the time with certain associated services needed so as consumers can enjoy the expected benefits of the building spaces. A real estate product that may be a new building or a redeveloped one is a result of the coordinated efforts of many allied professionals.