The Research On Theory Of The Real Estate Investment Decision-Making

The real estate has already become a pillar industry of the national economy. With the further development of the market economy, the competition of the real estate investment market is more drastic. The right investment decision-making is a key factor for the developer to win in the competition. In this paper, the deep research on real estate investment is done to establish a decision-making model of the real estate investment market, considering the real estate's characteristics of long capital payback periods, large capital and high risk.In the different financing channels market, financing decision-making is the first step for developer on investment decision-making. Whether financing decision is practicable depends on capital cost rate. On the basis of capital cost rate model put forward in the paper and different financing channels, the different capital cost rate formulas are deduced.The real estate is high-risk industry. On the basis of the analysis on the risk's connotation, we can conclude that the risk results from uncertain multi-factor. With the multi-factor sensitivity analysis, a calculation model is established in the uncertain analysis. On the basis of fuzzy set theory and probability, the fuzzy risk theory model measuring the risk is established in risk analysis.The real estate investment decision-making belongs to multiple utility theories. Comprehensive index-evaluation system including economy index, society index, environment index and risk index, is established in the paper. The Fuzzy Analytical Hierarchy Process (FAHP) is put forward to determine the weight of the index by improving analytical hierarchy process on the basis of fuzzy set theory. In the end, the fuzzy comprehensive decision-making model of the real estate investment is established on the basis of the FAHP.