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In so many real estate development projects, there were strong needs to have a powerful tool to check feasibility of those projects. But there were not enough tool and measure to cover risk of real estate development and construction. Therefore I tried to find a real tool to measure investment value of development properly and efficiently, by means of case studies of many real estate development projects. Finally I found a fact that no tools of investment value analysis are perfect and efficient to hedge all kinds of risks in projects. Especially NPV(Net Present Value) and IRR(Internal Rate of Return) were not sufficient by themselves to measure investment value. So I found out that MIRR(Modified IRR), XIRR(X-IRR), ARR(Average Rate of Return), PP(Payback Period) and so on, would be supplementaries of proper and efficient investment value analysis. Key Words : Real estate development, Analytic tools of investment value, feasibility, NPV, IRR      . * Corresponding Author : Joo-Hyung Lee (Hanyang University)Tel: +82-2-2220-0275 email: joo33@hanyang.ac.krReceived October 29, 2012 Revised (1st November 19, 2012, 2nd December 4, 2012) Accepted December 6, 2012

A study of real estate investment value and analytic technique -mainly by case study of real estate development projects-