出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
摘要：One of the features of the Brazilian real estate market is the presale of real estate housing units where the developer receives payment advances towards the purchase of a unit to be delivered in the future. Given the high volatility of real estate prices, it may be optimal for the buyer to terminate his contract before the end of the construction period, receive a refund on the amounts paid and then purchase a similar asset at a lower price. In the past decade there has been a series of court rulings stating that the buyer is entitled to a refund on most of the payments made. In this article, the real option methodology is used to determine value of the option to abandon the purchase of a real estate housing unit assuming different refund levels. The results show that under these new rulings, the value of option to abandon is significant, and can be as high as 15% of the total value of the unit in some cases. This represents a considerable new benefit to the buyers and, on the other hand, a major incremental cost for the developers.
关键词：real-options ; abandonment option ; real estate presale
