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What is Real Estate Development? In simplest definition, property development refers to an approach to creating space for people and related services. The property product, whether the construction of a new property or a renovated home, comes as the outcome from the collaboration of a variety of professionals. Real estate development involves an array of inputs which include land, labor capital, management and the ability to be entrepreneurial. After the initial investment has been made, a developer will be expected to create a property that is worth to its users.