Análise de viabilidade econômico-financeira de empreendimentos imobiliários: estudo de caso no cenário cearense.

Abstract

The objective of this monograph is to demonstrate the importance of the economic and financial viability analysis in making investment decisions in the real estate sector. Through a literature review are addressed the theories which basis the study, with the conceptualization of economic indicators that support decision making, emphasize the importance of cash flow tool to conduct this analysis and demonstrating the techniques of sensitivity analysis and scenario analysis. Then, is defined and structured a viability analysis model of real estate used by the construction market and technically grounded which will be adapted to the application in a case study on a project launched by a large real estate developer of the Ceará state. Subsequently, are shown the characteristics of the project and its parameters under which are estimated cash inflows and outflows that results in the construction of the project's cash flows, prepared in supplementary spreadsheets prepared by the author. Based on the built cash flow the economic indicators of the project are obtained, demonstrating the viability of the project in all scenarios analyzed, what supports the investors' decision to carry out the project.