GESTIÓN DE RIESGOS EN INVERSIONES INMOBILIARIAS: EL RATING INMOBILIARIO

Abstract

Real estate investments entail multiple risks affecting their profitability. A great number of these risks correlate and have specific importance in return on assets. Concerning the decision making, it is essential to know in depth the different risk factors which have impact on the economic behaviour of the return. The property rating is a new tool additional to those generally used in the investment analysis of real estate sector: due diligence, appraisal, and economic analysis. In contrast to these traditional tools, the property rating provides an exhaustive qualitative and quantitative analysis of risks that affect or may affect the assets. This contribution studies the functioning of the real estate rating and analyses its role as an application of the risk management general theory within the context of integrated project management. In addition, it is also applied the graphic representation of the risk structure of a real estate asset, which derives from the application of the property rating technique. Being related to the asset’s useful life, this risk structure allows establishing the classification of the asset according to its ability to provide the profitability demanded by the investor.