Avaliação de alternativas de investimentos no mercado imobiliário: comparação na análise de viabilidade econômico-financeira de empreendimentos tipo venda e tipo renda em Praia do Patacho – AL

Abstract

This work consists of a evaluating investment alternatives, with a focus on real estate and real estate-based ventures in Praia do Patacho, Porto de Pedras - Alagoas. The construction in this market demands careful planning, hights capital, and time to develop, which is why it’s inflexible and should be based on a series of studies rather than just the investor's experience. It is justified by the importance of analyze the economic and financial feasibility of any type of venture in the face of the uncertainties that make up the real estate market and its objectives are to analyze two options for building projects, one being sales-based and the other income-based. Based on the conception of the ventures to be studied and the development of budget and performance estimates, it’s possible to perform projections of cash flow based on market studies. From the calculation of economic-financial indicators, investors are presented with indicators that will assist in their decision-making, as the Internal Rate of Return (IRR), Net Present Value (NPV), Profitability Index (PI), and the time to recover the invested capital, Payback. Then, based on the cash flows of the two types of ventures, the characteristics variable are changed to create scenarios. Through the analysis of the indicators within the scenarios, it’s possible to understand the behavior of the variables and to identify the most sensitive ones within the model. So, it’s possible to assign advantages to each type of venture and guide the investor according to their expectations and the reality of the results in the face of the uncertainties they encompass. It was observed that both types of ventures, within all the scenarios studied, are economically and financially viable, except for the income-based scenario for minimum occupancy rate. Also, sensitive variables such as Sales Speed Index and Occupancy Rate directly influence the result obtained for each type of enterprise.