What is the term for increasing the value of a property by constructing a building on it?

The term that accurately describes increasing the value of a property by constructing a building on it is improvement. In real estate, an improvement typically refers to any permanent structure or enhancement made to a property that adds to its overall value or utility. This can include new buildings, additions to existing structures, or significant modifications to the land itself.

While the term enhancement might seem related, it generally refers to improving aesthetic or functional aspects without necessarily implying a construction aspect, which can lead to ambiguity. Development refers to the broader process of creating new projects, which can include subdivisions, but may not specifically denote the act of simply building on a property. Renovation involves upgrading or refurbishing existing structures but does not involve new construction. Therefore, improvement is the most precise term for the activity of constructing a building and thus increasing the value of the property.