Importance The research identifies the specifics of evaluating the efficiency of development investment projects. Objectives We outline an algorithm for evaluating the efficiency of development investment projects, formalize the process and give recommendations for improving the evaluation process in line with the specifics of development projects and real estate market. Methods The article employs methods of logic study, forecasting, analysis and synthesis through a systems and information processing approach. The article provides algorithms, including the one for formalizing and evaluating the efficiency of development projects through the specifics of their performance and real estate market. Results We showcase the way the specifics of evaluating the efficiency of development investment projects directly relates to the main trends in the real estate development in Moscow so as to make an evaluation more accurate and unbiased. We propose a formalized algorithm for evaluating whether development construction and investment projects are effectively implemented, and provide our recommendations for improving the process. Conclusions and Relevance The formalized algorithm for evaluating the developer project efficiency helps to make informed managerial decisions on investment and project performance and mitigate weaknesses of traditional methods as if each of them was used separately.
Dudchenko A.Yu. [Legal regulation of development]. Politematicheskii setevoi elektronnyi nauchnyi zhurnal Kubanskogo gosudarstvennogo agrarnogo universiteta, 2014, no. 100, pp. 1588–1600. (In Russ.) URL: http://ej.kubagro.ru/2014/06/pdf/34.pdf
Leus D.I. Razrabotka strategii innovatsionnoi i investitsionnoi politiki zhilishchno-kommunal'nogo khozyaistva sub"ekta Federatsii: monografiya [Developing the strategy for innovative and investment policy of housing and utilities infrastructure in the constituent entity of the Russian Federation]. Мoscow, KnoRus Publ., 2014, 216 p.
Golovanov E.B., Kiseleva V.A., Larin O.N. [Development as a special type of entrepreneurial activity in the real estate market]. Sovremennye problemy nauki i obrazovaniya, 2012, no. 2, pp. 28–35. (In Russ.) URL: https://science-education.ru/pdf/2012/2/61.pdf
Vadel' O.A. [Managing the investment project efficiency as per the cost approach concept]. Menedzhment v Rossii i za rubezhom = Management in Russia and Abroad, 2011, no. 6, pp. 35–42. (In Russ.)
Arenkov I.A., Bichun Yu.A., Artsybyshev I.S., Gorbunov V.N. Upravlenie kompaniyami: restrukturizatsiya i razvitie developerskikh proektov: monografiya [Governance of companies: Restructuring and promoting developer projects: a monograph]. St. Petersburg, St. Petersburg State University of Economics Publ., 2016, p. 167.
Beloborodov R.S. [Development as an effective management system construction and investment projects]. Sovremennye tekhnologii upravleniya = Modern Management Technology, 2011, no. 2, pp. 16–22. (In Russ.)
Dudin M.N., Lyasnikov N.V., Sekerin V.D., Gasanbekov S.K. [Development as the effective management system of the investment construction project]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2014, no. 12-2, pp. 879–885. (In Russ.)
Kallaur G.Yu., Papikyan L.M. [Urban land development as part of investment and construction projects implementation]. Ekonomika stroitel'stva = Economics of Construction, 2016, no. 2, pp. 30–36. (In Russ.)
Fedotova M.A., Tazikhina T.V., Bakulina A.A. Development v nedvizhimosti: monografiya [Development in real estate: a monograph]. Moscow, KnoRus Publ., 2010, 264 p.
Kochkin V. Effektivnyi development [Effective development]. Moscow, Rossiiskii pisatel' Publ., 2012, 336 p.
Kushchenko V.V. Development. Sovremennaya kontseptsiya razvitiya nedvizhimosti [Development. The modern concept for the future of real estate]. Moscow, Norma Publ., 2015, 367 p.
Lazarev O.V. [The real estate development concept in the Russian law]. Molodoi uchenyi = Young Scientist, 2015, no. 8, pp. 739–744. (In Russ.)
Ekenta Chukwuemeka. Application of Capital Asset Pricing Model (CAPM) on Real Property Investment in Nigeria. International Journal of Business & Law Research, 2016, vol. 4, iss. 1, pp. 56–62.
Koehler A.B., Hyndman R.J., Snyder R.D. Prediction Intervals for Exponential Smoothing Using Two New Classes of State Space Models. Journal of Forecasting, 2005, vol. 24, iss. 1, pp. 17–37. URL: https://doi.org/10.1002/for.938
Sternik G.M., Sternik S.G. [Evaluation of the mid-market investment returns in real estate development when forecasting the housing market]. Problemy prognozirovaniya = Problems of Forecasting, 2017, no. 2, pp. 106–116. (In Russ.)
Pupentsova S.V. Ob ispol'zovanii metoda Monte-Karlo pri otsenke investitsii v nedvizhimosti. V kn.: Rynok nedvizhimosti kak sfera investitsii [On the use of the Monte Carlo method in evaluating real estate investment. In: Real estate market as an area for investment]. St. Petersburg, Saint Petersburg State University of Engineering and Economics Publ., 2005, pp. 151–158.