Real estate development has traditionally been viewed as an industry where engineering and management operate in parallel. Designers are responsible for technical implementation, financiers for capital structure, and managers for coordinating processes. This model remained effective for a long time because projects, despite their complexity, could be divided into relatively autonomous blocks. However, modern practice shows that the boundaries between these blocks are becoming

For much of its history, real estate development has been viewed primarily as a financial activity. The focus was on sources of capital, financing structures, project profitability, and cost management. This approach largely defined the industry's logic: a developer's success was directly linked to their ability to attract resources and manage them effectively. This model remained dominant for a long time and was largely justified. In an environment of limited access to finan