models of and approaches to management of real estate development projects

Abstract

The authors argue that globalization and the system-wide crisis jointly produce a strong impact onto real estate (RE) development projects. As a result, intensive alterations in RE project development patterns have converted into a new trend of the present-day investment and construction industry. Therefore, alterations in the area of real estate management cause numerous problems. By virtue of this article, the authors make an attempt to provide their answer to the question whether it is possible to achieve such a sophisticated level of project management in the real estate development industry, so that project-related decisions encompassed supplementary potential opportunities in terms of social, economic and public development. Towards this end, the new concept of real estate development is proposed and the system of priorities has been developed. This concept is believed to enable all players of the construction market to make higher quality decisions at early stages of RE development projects. Besides, a lot of attention is driven to the term "potential of a construction facility", that is regarded as a set of yet unimplemented opportunities for improvements of the construction facility performance as a commercial and social vehicle.