Profitability estimation and assessment in real estate investment projects: A fuzzy logic model.

This article focuses on developing a fuzzy logic-based mathematical model to estimate and assess project-based profitability in real estate investment projects (REIPs). Using data from 134 REIP professionals, the model incorporates 61 profitability factors grouped into 13 categories and applies relative importance indices as weights in fuzzy rules. Validated through case studies of two real-world REIPs—a shopping mall and a mixed-use project—the model demonstrated satisfactory accuracy in predicting overall profitability performance and identified critical factors affecting profitability, such as financial management, market research, exchange rates, cost of reworks, sales and marketing strategy, and cost management. The study highlights the model's potential as a decision-support tool for real estate professionals to evaluate profitability amid uncertainties and suggests future adaptations for diverse real estate sectors and geographic contexts.