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Abstract(s)
sse trabalho tem por objetivo comparar a viabilidade econômica de um empreendimento no Brasil e em Portugal, ilustrando os métodos diferentes e comuns existentes entre os critérios de avaliação imobiliária utilizados nos dois países, analisando a aplicação de cada um e o contexto em que pode ser inserido. São analisados os seguintes critérios de avaliação imobiliária utilizados em Portugal como o método de rendimento, método de custo e método comparativo. No Brasil, é analisado o fluxo de caixa descontado, índice de retorno sobre investimentos (ROI) e índice de retorno sobre patrimônio líquido (ROE). Entre os dois países o método de análise comum é o fluxo de caixa descontado, que é conhecido em Portugal como método do rendimento. É feita uma análise pontual identificando divergências e semelhanças tanto em relação a aplicação dos métodos quanto ao contexto do ambiente em que estes estão inseridos, sendo assim, o contexto econômico é levado em consideração para que seja possível criar um estudo de caso, que terá como objetivo, estudar a viabilidade da implantação de um determinado projeto, dentro dos dois ambientes analisados, que são especificamente as cidades de São Paulo e Porto. Neste contexto, avalia-se as divergências existentes e que possam levar a uma grande discrepância nos valores obtidos, como a identificação das taxas existentes em ambos os países como as taxas reais de juros e taxas de investimento, e também as taxas cambiais para poder efetuar a viabilidade em uma única moeda.
This thesis aims to compare the economic viability of a project in Brazil and Portugal, illustrating the different and common methods that exist between the property valuation criteria used in the two countries, analyzing the application of each and the context in which it can be inserted. The following property valuation criteria used in Portugal being analyzed are: as the income method, cost method and comparative method. In Brazil, it is considered the discounted cash flow rate of return on investment (ROI) and rate of return on equity (ROE). Between the two countries the common analysis method is the discounted cash flow, which is known in Portugal as the income method. An specific analysis is made identifying differences and similarities regarding both the application of the methods on the environmental context in which they are inserted, thus, the economic context is taken into consideration so that you can create a case study, with the intent to, study the feasibility of implementing a project, within the two analyzed environments, specifically the cities of São Paulo and Porto. In this context, it is evaluate the differences that can lead to a large discrepancy in values, such as the existing rates in both countries as the real interest rates and investment rates, and also the exchange rates to be able to make the viability of a single currency.
This thesis aims to compare the economic viability of a project in Brazil and Portugal, illustrating the different and common methods that exist between the property valuation criteria used in the two countries, analyzing the application of each and the context in which it can be inserted. The following property valuation criteria used in Portugal being analyzed are: as the income method, cost method and comparative method. In Brazil, it is considered the discounted cash flow rate of return on investment (ROI) and rate of return on equity (ROE). Between the two countries the common analysis method is the discounted cash flow, which is known in Portugal as the income method. An specific analysis is made identifying differences and similarities regarding both the application of the methods on the environmental context in which they are inserted, thus, the economic context is taken into consideration so that you can create a case study, with the intent to, study the feasibility of implementing a project, within the two analyzed environments, specifically the cities of São Paulo and Porto. In this context, it is evaluate the differences that can lead to a large discrepancy in values, such as the existing rates in both countries as the real interest rates and investment rates, and also the exchange rates to be able to make the viability of a single currency.
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Keywords
Avaliação Imobiliária Fluxo de Caixa Descontado Estudo de Viabilidade Real Estate Appraisal Discounted Cash Flow Viability study