Boletín estadístico y estadísticas del Ministerio de Fomento. Opciones reales y valoración de activos cómo medir la flexibilidad operativa en la empresa. Opciones reales en la valoración de proyectos de inversión (Monografías de Juan Mascareñas Sobre Finanzas Corporativas). Valoración de proyectos Retrieved from de tiendas de conveniencia en nuevos mercados a través de opciones. Project valuation using real options: a practitioner’s guide. Flexibility and tenant mix in real estate projects. Asociación Española de Economía Aplicada, ASEPELT. Valoración de un proyecto de edificación mediante opciones reales. Valoración de empresas de internet mediante opciones reales. Aplicación de opciones reales en la valoración financiera de un campo petrolero. Construction Management and Economics, 20(4), 343-351. A real options approach to valuing strategic flexibility in uncertain construction projects. Journal of Financial Economics, 7(3), 229-263. The American Economic Review, 84(4), 889. The Intensity and Timing of Investment: The Case of Land. de Ingenieros de Caminos, Canales y Puertos. Desarrollo de una metodología basada en la teoría de opciones reales para la valoración de proyectos de inversión en energías renovables (Tesis doctoral). Cuadernos de Economía y Dirección de la Empresa, 12(38), 65-94. El caso de la expansión de Endesa en Latinoamérica. Las opciones reales en el sector eléctrico. Alonso, S., Azofra, V., & de la Fuente, G.This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate.

The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development.

Real options valuation risk case study