Brazil has experienced times of economic prosperity and real estate speculation. The
Consequence of this experience is a great demand for residential property “in the architectural
floor plan” or even for financial investment. Therefore, this study aims to simulate the
purchase of a new apartment in the “in the architectural floor plan” located in Imperatriz-MA,
in order to assist decision makings for various economic alternatives that affect who acquires
or intends to acquire a property in the “in the architectural floor plan” through a sensitivity
analysis of the factors involved in the cash flow such as the National Index of Construction,
Period of Funding, interest rate of financing and attractiveness rate. Besides that, it unveils
that the viability of acquiring the property in installments or in cash with a minimum discount
necessary to purchase the property is worth. It will also analyze the financial viability of the
property sale in the moment of the property keys delivery by the construction firm, explaining
the financial benefits of the investment. For this purpose, cash flows of the apartment‟s
payments to the construction firm were simulated during the construction of the apartment,
and later to Caixa Economica Federal. The main conclusions of this study were: the
sensitivity analysis indicated that the most impacting factors of the project are the minimum
attractive rate and interest rate financing. To acquire the property in installments in fourteen
simulated situations was more interesting, on the other hand to acquire the property in cash in
a single simulated situation was more advantageous. The lower the current value, the higher
the cash discount must be to make the option “pay in cash” be worthy. The viability analysis
and the financial benefits of the investment indicated that the property sale is economically
viable to the simulated situations shown on this study, after the delivery of the apartment keys
with an appreciation of 40%. Through the rates of return that the investment will provide, it
was possible to prove that all involved simulated situations cause a significant return. The
study proved that the minimum rate of appreciation necessary to make the project be a good
business is from 20.2%. Therefore, it was financially proved that, in fact, for this case study,
the investment on the property in “the architectural floor plan” is worthy. Ergo, all the results
indicate that there is economic viability of buying and selling apartments “in the architectural
floor plan”.
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