Summarize the various types of risks associated with real estate development projects. Explain how these risks can be identified, assessed, and managed.
Real estate development projects are subject to various risks, including market risks, construction risks, environmental risks, legal risks, and financial risks. These risks can be identified through market research, due diligence, and risk analysis. Effective risk management involves implementing strategies to mitigate or transfer these risks, such as obtaining insurance, diversifying investments, and conducting thorough site investigations.