What is the term for the economic benefits generated by new property developments?

The term that refers to the economic benefits generated by new property developments is the Ripple Effect. This concept describes how new developments can lead to increased economic activity in an area, which may include the creation of jobs, increased foot traffic, and improved local services. As a new property development attracts residents or businesses, it can stimulate further growth in the surrounding community, enhancing property values, increasing local tax revenues, and fostering overall economic growth.

While property appreciation may highlight the increase in the value of real estate over time, it does not specifically address the broader economic impact of new developments. Market expansion refers more to growth in overall market size rather than the specific benefits from new properties. Investment return generally focuses on the profitability from individual investments rather than how new developments can influence the wider economy. Thus, the Ripple Effect accurately captures the essence of the economic benefits stemming from new property developments.