Feasibility study: Purchasing an unfinished building consisting of 27 units in the center of Athens

Abstract

The purpose of this thesis is a feasibility study of a real estate development project. The researcher aims to investigate the different parameters affecting the feasibility of a project such as the External environment, the internal conditions, the competition, the financials, the Open Market Value and the sensitivity analysis. All the mentioned parameters are used towards the concept of finding the highest and best use of a project, showing that it is crucial to explore the different options, conducting sensitivity analysis and following the process presented in the study when evaluating investment proposals for real estate developments. The study reveal the common problems that people face while evaluating such projects and combines the use of professional appraisal techniques with a feasibility study. The results of the case study show that the method used for the analysis of real estate projects with development potentials is effective in evaluating multiple scenarios along with all aspects and details, answering the sub-questions and the research question whether this project is feasible. The process used in this study can be beneficial for researchers, using this structure as to guide them when evaluating the feasibility of projects with development potentials. The outcome reveals that there are parameters that cannot be generalized for all development projects due to the complexity involved.