Real Estate Development, also known as Property Development, is the process of creating value by making tangible improvements to real property, by building new structures, or modifying existing ones. Sometimes real estate development is undertaken as a public works project, in which case it is not viewed as an investment in the classic sense. For private developers, real estate development is a long-term, entrepreneurial undertaking. In complex modern society, however, real estate development requires knowledge of financing, legal restraints, property taxes, business and market forecasting, and project supervision.