Análise da Viabilidade Financeira de um Empreendimento do Mercado Imobiliário: Um estudo de caso

Abstract

The real estate market, after a period of great growth, has become more hostile to its investors and entrepreneurs. Given this new conjuncture and following the market trends, the analysis of the viability of a real estate project must change, being no longer intuitive and empirical to become more structured from the economic and financial point of view. Studies to verify the feasibility of construction ventures are still uncommon, even with a range of techniques that can be employed to make the targeted investment analysis. This study aimed to use economic and financial indices in the analysis of the feasibility of real estate projects. For this purpose, the characteristics of the real estate market, as well as the main indices used in a feasibility analysis, were defined in the bibliographic review, such as: minimum attractiveness rate, internal rate of return, net present value and investment recovery period (payback). Once the parameters of a feasibility analysis were defined, the application was made in a construction in phase of finishing, in the city of JoinvilleSC. To simulate two different sales rhythms, two scenarios were used: the first one, with a real sales rhythm based on the cash flow of Ogliari Construtora and Incorporadora EIRELI; the other, less favorable, that represents the reality that most of the companies in the construction sector are facing, to market their housing units. In summary, it was argued in this case study that detailed and operational planning will give greater support to decision making, due to the possibility of testing several sales scenarios and in this way to devise a plan that optimizes the profitability of a real estate project.