| Abstract [eng] |
The final thesis consists of six parts: introduction, three chapters, conclusions and list of references. The thesis analyses the criteria for evaluating the efficiency of real estate investment projects based on scientific literature and international valuation standards applied in practice. Using multi- criteria evaluation methods and based on the data of an empirical study carried out among groups of experts in real estate industry, the significance of indicators affecting the value of real estate investment projects in the long term is determined and an economic sustainability index of real estate investment projects is developed. This paper presents an economic sustainability index for real estate investment projects, which complements the discounted cash flow approach by applying a discount rate adjusted by a correction factor to assess the risk of asset depreciation and/or the potential for asset appreciation in relation to its long-term investment value. The proposed model allows for a comparative analysis of different investment projects, covering economic, social and environmental aspects. The proposed model provides an integrated assessment of real estate investment projects, which alllows to make the most appropriate investment decisions, focusing on the long-term value of the real estate asset. The thesis consists of: 75 pages without appendices, 25 tables, 17 figures, 66 bibliographic sources. The appendices are attached separately. |
