In the international context, this research analyzes the state of the art of scientific discussion, the action exerted by national and local governments through regulations, and the opinion of professionals in the field of construction of buildings in relation to the implementation of energy efficiency measures in buildings. In general, the interest in the different areas has been driven primarily by: 1) the worldwide increased energy consumption in buildings, emphasizes by an increasingly urbanized world and the resource scarcity for power generation, primarily fossil fuels; 2) the increase in greenhouse gas emissions related to the buildings' construction and operation; and 3) the thermal behaviour of the building's envelope, which determines the energy demand for thermal conditioning; mainly for heating in winter and cooling in summer. The foregoing has resulted in the implementation of different types of energy efficiency measures in the building sector around the world. On the one hand, through mandatory measures, driven by national and local governments through building codes; mandatory measures require that when building a new building or refurbishing an existing one, the architects, private developers, or builders must comply with building standards that govern the thermal performance of the different elements of the buildings' thermal envelope. On the other hand, by implementing voluntary measures, such as international certification systems, established by non-governmental institutions, aimed at legitimizing the efforts of building owners, design teams, and builders to design, build, and operate buildings in an environmentally friendly way. The latter has triggered an international trend and an increasing demand for certification of the so-called "green buildings". Such independent certification systems seek to reduce the environmental impact of activities in the construction sector. In the Chilean context, this research analyzes the relationship between two main pillars of the Chilean economy, the energy sector and the private housing sector. Particularly, this research focuses on the implementation of energy efficiency measures in the private housing market in Santiago, the Chilean capital. From the energy perspective, the high vulnerability for power generation by the dependence on the provision of gas from neighbouring countries and periods of drought affecting hydroelectric power generation, has led to the Chilean government intervention. Government intervention is centred on two main lines of action: 1) the diversification of the country's energy matrix, through the implementation of alternative systems for power generation based on non-conventional renewable energy sources; and 2) the implementation of energy efficiency measures. In the construction sector, the latter is expressed by the entry into force of the New Thermal Regulations for new residential buildings in three stages in the building code since 2000. With the implementation of new regulations in the construction sector in the Chilean context and the growing demand for green building in the international context, private real estate companies and construction companies, which are the backbone of the construction sector in Chile, have reacted by offering energy efficient real estate products in Santiago de Chile. Based on the foregoing, arises the main question leading this doctoral thesis: How do real estate developers apply energy efficiency in their housing offer in Santiago de Chile? The main research question is further refined by three sub questions: 1) who are the real estate developers that are adopting energy efficiency and why? This is a compound question, first it seeks to identify real estate companies adopting energy efficiency measures in Santiago de Chile’s private housing market; then it looks into the motivations for doing so; 2) what types of energy efficiency measures are real estate companies adopting? This sub-research question seeks to identify the adopted residential energy efficiency strategies; and 3) which barriers to further implementation of energy efficiency exist? It seeks to identify the setbacks found by energy efficiency adopters in the implementation process, in order to understand local issues in the adoption process. The Case Study and Selection of Sub-Cases for the Analysis The research focuses on the voluntary implementation of residential energy efficiency measures in the private housing market; moreover, it analyzes the case of Santiago de Chile. Therefore, the focus is set on real estate companies that offer energy efficient housing in their offer for real estate products in the metropolitan region. The selection of embedded sub-cases for the analysis, or sub-cases, was made by applying a criterion sampling strategy known as purposive sampling. For this, a thorough review of 568 private real estate companies' websites, offering different real estate products in the Metropolitan Region of Santiago de Chile between June and July 2011, was performed. Out of this group, a set of 45 companies that offering energy efficient homes mentioned were selected. Later on, personal interviews mainly with general managers of real estate development companies and other actors considered key informants because of their knowledge in the field, such as scholars, representatives from public institutions, other public and private research centres, and practitioners, were conducted between April and May 2012. Main Methods and Data Analysis Research is conducted under a qualitative approach, as it focuses primarily on the opinion of real estate companies’ CEOs and other key informants considered information rich when helping answering the research questions. The main tool for data analysis was the thematic content analysis. Main Findings The main results of this research are structured on the basis of the answering the secondary research questions or sub-questions. Who are the real estate developers that are adopting energy efficiency and why? As it was mentioned above, the first part of this compound sub-question seeks to identify the real estate companies that are implementing residential energy efficiency measures in their offer in the housing market in Santiago de Chile. A set of 45 real estate companies were identified because they mentioned to be applying some sort of energy efficiency measures. This was a rather small group since, at that time, 568 real estate companies were offering housing products. Based on the empirical findings, a categorization of real estate companies following the Roger’s model was conducted. Thus, real estate companies were categorized depending on when they began adopting residential energy efficiency measures in their housing offer. The three stages of the New Thermal Regulation issued for the housing sector in Chile were selected as time-milestones for defining the adopter categories. Accordingly, three main categories emerged following Roger’s model. 1) Innovators, includes real estate companies who adopted energy efficiency measures for the first time before the entry into force of the first stage of the NRT in 2000; 2) Early Adopters, groups real estate companies who adopted residential energy efficiency measures for the first time between the first and second stage of the New Thermal Regulation, that is to say between 2001 and 2007; and 3) Early Majority, includes real estate companies who began to apply residential energy efficiency measures starting in 2008, meaning after the second stage of New Thermal Regulation came into force. The empirical evidence suggests that the adoption process of energy efficiency measures has started following the normal development described by Rogers' innovation curve. Therefore, it is expected that the rest of the real estate developers operating in the private housing market in Santiago de Chile will eventually follow the Innovators, Early Adopters, and Early Majority categories. This is mainly due to the recent introduction of thermal regulation by the government and because the housing market is a highly competitive market, in which none of the players can risk to be left behind. The second part of the sub-research question, and probably the most important one, seeks to understand the motivations for real estate companies to offer and implement energy-efficient real estate products in Santiago de Chile’s private housing market. This research identifies the motivations of real estate development companies in the opinion of their managers collected in personal semi-structured interviews conducted during fieldwork. Based on the thematic analysis of the abovementioned interviews, four categories of motivations for offering and applying energy efficiency were identified based on the company managers’ opinion. These categories, in order of preference are: 1) Market Differentiation Strategies (Competitiveness and Trending); 2) Company Policies (Client-Oriented Policies, Innovation Policies, and Environmentally-friendly Policies); 3) Resource efficiency (Reduction of Household\'s Expenses and Concerns for Energy Scarcity); and 4) Government Incentive Schemes (Subsidies to the Use of Renewable Energy). Briefly, the main motivations for adopting energy efficiency measures in the private housing offer are related to marketing strategies. In general, real estate companies operating in Santiago de Chile are looking to distinguish themselves from their competitors by offering energy-efficient housing products. This is mainly because real estate companies are following a trend that is driven by several factors such as: local energy shortage periods, the international influence of green buildings in the real estate market, and the growing demand for international certifications in the Chilean context. What types of energy efficiency measures are real estate companies adopting? As mentioned earlier, this research identifies real estate companies offering energy-efficient housing in the private real estate market of Santiago de Chile who implemented a diversity of energy efficiency strategies in their housing supply, as the empirical evidence shows. Although the motivations for implementing energy efficiency measures are diverse (as described previously), energy efficiency measures are mainly implemented in order to reach a comfort temperature inside the dwelling, making all possible efforts to ensure that energy is used efficiently. In the case of the residential buildings, this means looking for the optimal use of energy for space heating or cooling, lighting, hot sanitary water, and ventilation. In general, depending on whether there is the need to make an additional energy effort in order to achieve optimum indoor comfort conditions, the energy efficiency measures implemented in the private housing sector in Santiago de Chile can be grouped into two main categories of energy efficiency strategies: passive design strategies and active design strategies. On the one hand, passive design strategies refer to what real estate developers are doing to reduce the energy consumption of their housing buildings. Such strategies include: 1) improving the overall thermal performance of the building envelope; 2) the use of renewable energy, mainly solar thermal and photovoltaic technology, for hot sanitary water and energy conversion respectively; and 3) bioclimatic design and construction principles. As it was mentioned in Section 6.1, a basic characteristic of passive design strategies, distinguishing them from active design strategies, is that in order to operate they rely on the building site and the inherited thermal properties of the building materials used in the different housing building typologies. On the other hand, active design strategies refer to the technological innovations implemented in order to maintain an optimal indoor thermal conditioning and to reduce the energy used in the different buildings’ systems; namely, 1) illumination systems; 2) heating systems; 3) centralized control systems; and 4) air conditioning systems. In general, real estate developers adopted active design strategies as a complement to the use of passive design strategies. Not surprisingly, real estate developers have mentioned the improvement of the thermal envelope as the most commonly used residential energy efficiency strategy. This results from the fact that internationally and in Chile, regulations in the housing sector were implemented in order to improve the thermal behaviour of dwellings, and therefore, their energy efficiency. Finally, a third type of energy efficiency strategy adopted by real estate developers in Santiago de Chile is the result of a public-private partnership between the Chilean Government and the Chilectra, the local electricity utility. The initiative is called “Chilectra – Full Electric Buildings” and it offers an optional electrical energy tariff for residential consumers. This strategy is further explained in Section 6.3. Which barriers to further implementation of energy efficiency exist? Based on the opinion of the various key stakeholder involved in this research, this research shows that most barriers to energy efficiency in the private housing sector in Santiago de Chile interact and strengthen each other. The classification of barriers to further implementation of energy efficiency is not straightforward. Nonetheless, in the opinion of real estate companies’ managers, the barriers to adopting energy efficiency measures in the private housing market in Santiago de Chile revolve around the specific characteristics of the local social system. These barriers are: 1) market barriers; 2) organizational barriers; 3) institutional barriers; and 4) behavioural barriers. In relation to the categorization of energy efficiency adopters identified in the first sub-question, the empirical evidence seems to indicate that, not all the barriers play the same role for all adopter categories. In general, market barriers are most relevant to the innovators group. Although most of the real estate developers mentioned that even today the local market and the local construction industry are not ready to provide adequate support (both in the availability of products and services) for further development of the market for energy efficient construction, the deficiency was greater 20 years ago, when the innovators first started to implement residential energy efficiency measures in the private housing sector. Moreover, the other barriers encountered (namely organizational and institutional barriers) are transversal to the adopter categories. This seems to drawn from the organizational and institutional characteristics of the context in which private real estate companies operate. The context remains constant over time and their internal relationships are also maintained, homogeneously affecting all adopter categories. Finally, barriers related to end users and/or clients’ behaviour are mainly listed by early majority adopters, which comprises developers who implement residential energy efficiency measures recently (after 2000). Apparently, this results mainly from the fact that end user are lacking information about the benefits (general and local) to be gained from implementing residential energy efficiency measures.

Made available in DSpace on 2016-03-15T19:21:56Z (GMT). No. of bitstreams: 1 Gleison Renato de Sousa Menezes.pdf: 23195065 bytes, checksum: 4feb2b34d77f018eb80f369b155215fe (MD5) Previous issue date: 2012-05-25 / Universidade Presbiteriana Mackenzie / La investigación aborda la relación entre el modelo de ocupación urbana implementado en Barra da Tijuca, el mercado inmobiliario y el medio ambiente. Tiene por objeto discutir la producción del espacio urbano y ambiental y La apropiación en Barra da Tijuca, Río de Janeiro, poniendo de relieve sus contradicciones, que incorpora tanto La natureleza como parte del producto como el inmobiliario, como áreas de preservación se centró en el interés público. Al principio, de comprender el momento en que el Plan Piloto fue diseñado y las principales ideas formuladas para orientar el desarrollo urbano de La región que incorpora el medio ambiente y la belleza natural. A continuación, se discuten lós principales resultados que se derivan de la aplicación del Plan, en La interfaz con lãs legislaciones ambientales en el municipio de Río de Janeiro, que pretenden diseñar las zonas de reserva y que de alguna manera son incorporadas por capitale inmobiliario. Por último, es decir, por medio del análisis del estudio de caso, El Distrito Península Condominio, la relación entre el modelo idealizado, la legislación actual y la evolución reciente del mercado inmobiliario que incorpora las áreas preservadas por intereses propios y recupera las zonas con características ambientales, con el fin de llevar AL mercado un producto diferenciado. / A pesquisa aborda a relação entre o modelo de ocupação urbana implementado na Barra da Tijuca, o mercado imobiliário e o meio ambiente. Busca-se discutir a produção do espaço urbano e a apropriação ambiental na Barra da Tijuca, Rio de Janeiro, ressaltando suas contradições, que tanto incorpora a natureza como parte do produto imobiliário quanto como áreas de preservação voltadas ao interesse público. Inicialmente, procura-se compreender o momento em que o Plano Piloto foi concebido e as principais ideias formuladas para orientar o desenvolvimento urbano da região incorporando o meio ambiente e a beleza natural existentes. Em seguida, discutem-se os principais desdobramentos advindos da implantação do Plano, em interface com as legislações urbanas e ambientais no município do Rio de Janeiro, buscando mapear as áreas públicas preservadas e as que de certa forma são incorporadas pelo capital imobiliário. Por fim verifica-se, por meio da análise de estudo de caso, o Bairro Condomínio Península, a relação entre o modelo idealizado, a legislação vigente e a atuação recente do mercado imobiliário que incorpora as áreas preservadas para interesses próprios e recupera áreas com atributos ambientais, visando lançar no mercado um produto diferenciado.

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El presente trabajo de investigación está orientado a desarrollar un proyecto inmobiliario de una urbanización conformada por módulos de vivienda unifamiliares, ubicada en una zona periurbana del distrito de La Joya, provincia de Arequipa. El predio se caracteriza por tener un gran potencial debido al costo oportunidad del precio del terreno, que permite realizar un proyecto de este tipo. En años recientes, en el sector, se ha venido dando habilitaciones urbanas destinadas, en su totalidad, a casas de campo para los niveles socioeconómicos A y B, soslayando a familias del nivel socioeconómico D; por esta razón el proyecto representa una interesante propuesta al no contar con competencia en la oferta del sector. Este se iniciará con la habilitación urbana de un terreno de 40 896.00 m², teniendo como resultado un área útil de 25 056.00 m², distribuidos en 261 lotes de 96.00 m². En cada uno de estos lotes se edificará un módulo de vivienda unifamiliar básico de 38.29 m² de área techada. Asimismo, comprende un estudio de mercado que marcará las pautas para la definición del producto adecuado a las preferencias y necesidades del cliente objetivo. El estudio de mercado, incluso, presenta un interesante déficit entre la oferta y demanda de este tipo de vivienda en la población de la ciudad de Arequipa, el cual es redituado por el proyecto. El trabajo incluye, además, un análisis de diferentes sistemas constructivos teniendo en cuenta los siguientes indicadores: eficiencia, eficacia, mercado y normatividad. El planeamiento del proyecto se realiza tomando herramientas de Lean Construction para asegurar el cumplimiento de plazos. El trabajo culmina con un flujo de caja, el cual refleja, en sus indicadores, el atractivo académico del proyecto para potenciales inversionistas. / This research work is aimed at developing a real estate project of an urbanization formed by single-family housing modules, located in a peri-urban area of the district of La Joya, province and region Arequipa. The property is characterized by having great potential due to the opportunity cost of the land price, which allows to carry out a project of this type. In recent years, in the sector, it has been giving urban habilitations destined, in its entirety, to houses of country for the socioeconomic levels A and B, bypassing to families of the socioeconomic level D; For this reason the project represents an interesting proposal by not having competition in the supply of the sector. This will begin with the urban habilitation of a field of 40896.00 m², resulting in a useful area of 25056.00 m², distributed in 261 lots of 96.00 m². In each of these lots a basic single-family housing module of 38.29 m² of covered area will be built. It also includes a market study that will mark the guidelines for the definition of the product appropriate to the preferences and needs of the target customer. The market study, even, presents an interesting deficit between the supply and demand of this type of housing in the population of the city of Arequipa, which is hoax by the project. The work also includes an analysis of different constructive systems taking into account the following indicators: efficiency, efficiency, market and regulation. Project planning is done by taking Lean Construction tools to ensure deadlines. The work culminates in a cash flow, which reflects, in its indicators, the academic appeal of the project for potential investors. / Trabajo de investigación

Tesis para optar al Grado de Magíster en Dirección y Administración de Proyectos Inmobiliarios / Se trata de intereses ejercidos hacia el mismo espacio urbano. Tanto patrimonio como mercado inmobiliario corresponden a áreas de estudio confrontadas, situación bastante lógica si piensa en ciertos grupos patrimoniales que preservan sus construcciones, versus aquellos preocupados por la búsqueda de oportunidades de desarrollo. Al aplicar una protección normativa a un determinado barrio, esto conlleva a que exista una serie de restricciones a la producción de obras nuevas, aspecto que complejiza -y muchas veces ahuyenta- los ánimos de ciertos desarrolladores. Sus efectos se reflejaron desde el 3º trimestre del 2016 al revisar una reducción de un 58% de los montos de inversión en la zona frente al mismo periodo en el 2017; y una notoria reducción de permisos ligados a patentes comerciales que ha relegado aquellos emprendimientos de tipo residencial, oficinas y educación. Frente a este comportamiento, el municipio santiaguino propuso no eliminar este tipo de acciones, sino regular la conformación de estas basándose en que este esfuerzo, significa a todas luces un aporte al contexto urbano histórico con el cual dialogar. Esta discusión escala en un contexto en el cual la demanda por vivir en áreas centrales va al alza, pero que reconoce desde el eje MATTA al sur un “territorio de especulación”. A simple vista se piensa en un desincentivo generalizado, toda vez existan tantas restricciones a la edificación continua en 18 metros como restricciones morfológicas en adyacencia a inmuebles de conservación histórica (ICH) que generan saltos en las rentabilidades resultantes. Sin embargo, esto puede ser reconocido como una oportunidad al aplicar estratégicamente los parámetros contenidos en la Zona de Conservación Histórica – E7 (ZCHE7) aprobada el 16 de agosto 2016 por el MINEDUC. La justificación final de esta tesis pretende desmitificar la postura que indica que la protección de los barrios congela su desarrollo inmobiliario, premisa que finalmente, modeló la hipótesis al buscar sus oportunidades dentro de radios acotados. Repensar más acuciosamente los nuevos productos para la zona se convierte en una oportunidad que brinda lineamientos con miras a generar nuevas tipologías y morfologías adaptadas al desarrollo local de barrio. / It’s all about interests exercised to the same urban space. Both heritage and real estate development correspond to study areas that are confronted nowadays, a logical situation if we think about certain heritage groups that preserve their constructions, versus those concerned in searching development opportunities. By applying a regulatory protection to a specific neighborhood, this regulatories lead to a series of restrictions applyed to the production of new urban pieces, an aspect that complicates – and oftently drives away - the spirits of certain developers. Its effects were reflected from the third quarter of 2016, when reviewing a reduction of 58% in investment amounts in the area compared to the same period in 2017; and a notable reduction in permits linked to commercial patents that has relegated residential, office and education ventures. Faced with this behavior, the city council of Santiago proposed not to eliminate this type of actions, but otherwise to regulate the conformation of these inititives, based on the fact that this effort, clearly means a contribution to the historical urban context with which to dialogue. This discussion escalates in a context in which, the demand for living in central areas of Santiago is constinously increasing, but which recognizes from MATTA axis to the south a “territory of speculation”. At first glance we think of a general disincentive, there are both restrictions on continuous building in 18 meters and morphological restrictions in adjacency to historical preservation buildings that generate leaps in the resulting returns. However, this can be recognized as an opportunity to strategically apply the parameters contained in the Historic Conservation Zone - E7 (ZCHE7 in spanish) approved on August 16, 2016 by MINEDUC. The final justification of this thesis aims to demystify the position that indicates that the protection of neighborhoods freezes their real estate development, a premise that finally modeled the hypothesis when looking for opportunities within limited radius. Rethinking new products more acutely for this area becomes an opportunity that provides guidelines that direct the generation of new typologies and morphologies adapted to local neighborhood development.

El presente trabajo de investigación se centra en encontrar y medir los atributos endógenos y exógenos con una mayor incidencia sobre el precio de los inmuebles, los cuales delimitan y modulan el mercado inmobiliario de la ciudad, de cara a construir un parámetro integrador de estos factores de localización (FL), en función de sus características particulares de ubicación, atributos constructivos y condiciones socioeconómicas de carácter local.El documento reporta los resultados de una investigación que tiene por objeto conocer cuáles son los factores locativos que diversifican el valor de los bienes inmuebles en la ciudad de Mazatlán, Sinaloa, México, a través de tres metodologías de aproximación, los cuales son: 1. Método Delphi (MD) basada en encuestas realizadas a expertos.2. Método de los precios hedónicos (MPH), utilizando un análisis econométrico, construido a partir de un estudio de mercado propio y finalmente 3. Método de regresiones geográficamente ponderadas (RGP), una derivada del MPH, donde se incluye en el análisis, las influencias de las características de inmuebles vecinos inmediatos, así como su posición geográfica. Para acometer esta cuestión desde estas vías, en primer término se utiliza un mecanismo de captura de muestras de mercado, en conjunción con la MD, lo cual dio origen a la base de datos (BDD) que sustenta el estudio. Posteriormente se utilizo MPH, con el objeto de analizar cuál es el peso que los factores locativos y las características endógenas que los bienes inmuebles tienen, sobre la formación espacial de los valores. Por último con la RGP se detectaron los atributos que tienen una dependencia espacial.A estos efectos, la información de los bienes inmuebles en venta (antigüedad del inmueble, estado de conservación de los acabados e instalaciones, tipos de acabados, elementos accesorios, geometría y configuración espacial de los inmuebles, etc.) ha sido complementada, mediante un SIG, como otra derivada de la localización (cercanía al núcleo central y sub centros interurbanos, composición socioeconómica del entorno, nivel de accesibilidad, estructura edificada, usos del suelo predominantes, etc.). La información procede de la situación real de los inmuebles, de la dirección de planeación del desarrollo urbano, ecología y tenencia de la tierra del H. ayuntamiento de Mazatlán, del censo general de población y vivienda 2000, de los resultados definitivos del II conteo de población y vivienda del 2005 del INEGI, así como de encuestas realizadas a expertos inmobiliarios (colegios nacional de valuadores posgraduados a. c., asociación mexicana de profesionales inmobiliarios delegación Mazatlán, así como de otros colegios de valuadores establecidos en la ciudad), ofertas (ajustadas) y transacciones.Los resultados registran que detrás de los factores locativos están otros elementos asociados a las características estructurales de los bienes inmuebles, como su configuración y conservación física, su coeficiente de ocupación y utilización del suelo (COS, CUS), tipo de fachada, presencia y características de sus bienes y servicios (como contar con bienes como teléfono, computadora, cochera, alberca, etc.), que tienen una directa relación con el nivel de jerarquía social, accesibilidad y visualización que se tiene del bien inmueble desde la vía pública. Los supuestos subyacentes de esta tesis doctoral, se basa en la coexistencia de los atributos hedónicos, que explican la formación y la distribución espacial de los valores inmobiliarios.Este documento representa una contribución original al encontrar un parámetro integrador de los factores de zona y un valor agregado al caso de estudio, ya que se trata de una ciudad de tamaño medio, que carece de investigaciones de esta índole.

La Formulación y Evaluación de Proyectos es el procedimiento general para recopilar, crear y sistematizar la información que permita identificar ideas de negocios y medir cuantitativamente los costos y beneficios de un eventual emprendimiento. Además, es una materia interdisciplinaria, ya que durante la elaboración de un estudio de este tipo intervienen disciplinas como estadística, investigación de mercados, investigación de operaciones, ingeniería de proyectos, contabilidad general, distribución de la planta, finanzas, ingeniería económica y otras. Como parte del curso Desarrollo de Negocios 2, este trabajo de investigación nació del curso predecesor, Desarrollo de Negocios 1, el cual incluirá la tecnología y el negocio inmobiliario como piezas fundamentales. Además, presentará la siguiente estructura: descripción general de la idea de negocio, presentación del equipo de trabajo, análisis externo, análisis interno, investigación de mercado, plan de marketing, plan de operaciones, estructura organizacional, plan económico – financiero, conclusiones y recomendaciones / The Formulation and Evaluation of Projects is the general procedure to collect, create and systematize the information that allows identifying business ideas and quantitatively measuring the costs and benefits of an eventual business. In addition, it is an interdisciplinary subject, because includes disciplines such as stadistics, market research, operations research, project engineering, general accounting, plant distribution, finance, economic engineering and others intervene during the preparation of a study of this type. As part of the Business Development 2 course, this research work was born from the predecessor course, Business Development 1, which will include technology and the real estate business as fundamental pieces. In addition, it will present the following structure: general description of the business idea, presentation of the work team, external analysis, internal analysis, market research, marketing plan, operations plan, organizational structure, economic-financial plan, conclusions and recommendations. / Trabajo de investigación

El presente trabajo de investigación tiene como objetivo analizar el impacto de la aplicación de la NIC 2 Inventarios en la rentabilidad de las empresas del Sector Inmobiliario del distrito de San Isidro, año 2019. Cabe mencionar que las ventas del Sector Inmobiliario han ido creciendo de año en año, actualmente la demanda de departamentos excede la oferta disponible en el mercado. En consecuencia, la información contable y financiera del sector es importante para su análisis. Para este trabajo de investigación se ha dividido en 5 capítulos, las cuales son: Capítulo I: Marco Teórico, se presenta una investigación histórica acerca de la introducción de las NIIF en el mundo y en el Perú, luego se detalla los aspectos de la NIC 2; también se muestra información de los conceptos de rentabilidad, rentabilidad económica, rentabilidad financiera, sistema de análisis DUPONT, información relevante del Sector Inmobiliario. En el Capítulo II: Plan de Investigación, se establece la situación problemática del trabajo de investigación, el Estado de la Cuestión que recopila toda información que se relacione con el problema de la investigación; el problema general, los problemas específicos, el objetivo general, los objetivos específicos, la hipótesis general y específicas. Para el Capítulo III: Metodología, se estableció y se determinó la población, y la muestra para las investigaciones cualitativas, cuantitativas y el instrumento de recolección de datos. En cuanto al Capítulo IV: Desarrollo de la investigación, aplicación de los instrumentos establecidos para la investigación por medio de la entrevista a profundidad a expertos, cuestionario a profesionales responsables del área contable de su empresa y desarrollo del caso práctico. Para finalizar en el Capítulo V: se da un análisis exhaustivo de los resultados de los instrumentos establecidos y del caso práctico; con ello establecer las conclusiones y recomendaciones. / The current research has the main objective of analyzing the application of IAS 2 Inventories and its impact in the profitability among Real Estate companies located at San Isidro, year 2019. It is important to mention that sales in Real Estate market have been increasing, but the demand of apartments exceeds the offer available in local market. Consequently, accounting and financial information in this sector is important for the corresponding analysis. This investigation has been divided into 5 chapters, as follows: Chapter I: Theoretical Framework, in which a historical research is included. It covers the introduction to IAS in Perú and in another countries around the world and then the principal aspects of IAS2 are detailed. Some other information about the concepts of profitability, economic profitability, financial profitability, DUPONT analysis system, relevant information of the Real Estate Sector is also displayed. In Chapter II: Investigation Plan, the problematic situation of the research is established. Moreover, it is included the State of the Question that collects all information that is related to the research problem, the general problem, the specific problems, the general objective, the specific objectives, the general and specific hypotheses. For Chapter III: Methodology, the population was established and determined, as well as the sample for qualitative and quantitative investigations and the data collection instrument. Regarding Chapter IV: Research development, the application of the instruments was established for the investigation through in-depth interviews with experts, questionnaire to professionals responsible for the accounting area of ​​your company and development of the practical case. To finalize in Chapter V: an exhaustive analysis of the results of the established instruments and of the practical case is given; with this establish the conclusions and recommendations. / Tesis

El trabajo de la presente investigación tiene como objetivo establecer el impacto de la NIC 40 Propiedades de Inversión en los Estados Financieros y en el Impuesto a la Renta en las empresas que realizan actividad inmobiliaria en el distrito de Jesús Maria, año 2019. Se desarrolló los alcances y técnicas de medición, para realizar el tratamiento contable y tributario a las propiedades de inversión que son considerados como activos no corrientes, y que la situación financiera y económica de las empresas sean fiables y de importancia relativa, lo que conllevará a tomar mejores decisiones. La investigación se divide en cinco partes: Capítulo I Marco Teórico, donde se incluye el objetivo, alcance, reconocimiento, medición y transferencia de la NIC 40 Propiedades de Inversión; se investiga y analiza fundamentalmente la medición al costo y el valor razonable de los activos generadoras de rentas en el sector inmobiliario y el impacto en los Estados Financieros y el Impuesto a la Renta. Capítulo II Plan de Investigación, se enuncia el planteamiento de la problemática, el objetivo, y las hipótesis general y específicos. Capitulo III Metodología de investigación, se define la población y muestra, que será evaluado durante el proceso de investigación. Capitulo IV Desarrollo de la investigación, Se aplicó las herramientas de investigación como son las entrevistas a profundidad y encuestas; y se desarrolló un caso práctico. Capítulo V Análisis de los resultados, se analizó la información obtenida de las entrevistas y encuestas, se validó la hipótesis general y específicas, y se analizó el caso práctico. / The purpose of this research aims to establish the impact of the International Accounting Standard (IAS) 40 – Investment Properties on the Financial Statements and the Income Tax of the companies carrying out real estate activity in the district of Jesus Maria in the year 2019. The scope and measurement techniques were carried out to achieve the accounting and tax treatment of the investment properties that are considered as non-current assets, so that the financial and economic situation of the companies will be reliable and significant, which will lead to better decision-making. This research is divided into five chapters: In the Chapter I, the Theoretical Framework is discussed. It includes the objective, scope, recognition, measurement and transfer of the IAS 40 - Investment Properties. The cost and fair value measurement of the assets from the incomes in the real estate sector and the impact on the Financial Statements and the Income Tax is research and analyzed. In the Chapter II, the Research Plan is discussed. It includes the problem description, the objective, the general and specific hypothesis. In the Chapter III, the Research Methodology is detailed. It shows the population and sample to be assessed during the research. In the Chapter IV, the Research Development is described, it specifies the tools used during the research, including the in-depth interviews and surveys. A case study was developed. In the Chapter V, the Results Analysis are shown. The information collected from the interviews and surveys were analyzed. The general and specific hypothesis were validated. The case study was analyzed. / Tesis

La estabilidad política y económica que se ha tenido de manera sostenida en el país desde 1990 ha permitido un crecimiento del rubro inmobiliario, lográndose en la década del 2000 un sostenido ritmo de venta de unidades inmobiliarias, a diferencia de la última década que se ha evidenciado la desaceleración en velocidad de venta de las unidades inmobiliarias existentes en el mercado, que conlleva a plazos de retorno de inversión más prolongados, y que de igual manera no logran cubrir la demanda insatisfecha principalmente en el Nivel Socio Económico C, la presente investigación se enfoca en el distrito La Perla de la Provincia Constitucional del Callao con una población en los niveles socio-económicos medios en un distrito atractivo para desarrollar un producto (proyecto) que atienda a un potencial mercado que carece de productos inmobiliarios acordes con su nivel económico y capacidad de endeudamiento como es el sector C. Por esto, se recabó información existente de Lima Metropolitana y en el área de estudio del distrito de la Perla, a nivel geográfico, normativo, poblacional, niveles socioeconómicos e ingresos promedio y gastos promedio; así como un estudio de la situación actual del país a nivel macroeconómico, político, socioeconómico y del sector inmobiliario, evidenciándose que actualmente los precios de las viviendas se han estabilizado en su valor por m2. Asimismo proponemos un producto (proyecto) que consistirá en la modificación de la zonificación enfocado en la Zona Residencial de Densidad Media Alta (RDMA) del distrito la Perla, través de mayor altura, permitiendo a los inversionistas ver el atractivo y rentabilidad de este proyecto; realizando una evaluación financiera del producto, que contendrá una estructura de costos, egresos y de ingresos (venta por departamento y venta de estacionamientos), este último calculado a nivel mensual; determinando los precios mínimos y máximos de los departamentos por m2, concluyendo en el estado de ganancias y pérdidas, resultados positivos, incluyendo también el financiamiento del terreno. En el flujo de caja (Económico y Financiero) mostraremos los beneficios netos del proyecto mensualizados y sus indicadores de rentabilidad VAN (Valor Actual Neto) y TIR (Tasa Interna de Retorno) respecto del producto a proponer, debiendo ser este último indicador superior al costo oportunidad del capital, demostrando ser un proyecto aceptable, se presenta el análisis de sensibilidad considerando las variantes respecto a la velocidad de ventas de los departamentos y el precio por m2 de estos, estimamos 3 escenarios (pesimista, probable, optimista) y evaluamos respecto a la propuesta de cambio de zonificación en la altura de pisos. Es así que, se demuestra la viabilidad de generar un producto inmobiliario al alcance financiero de los usuarios pertenecientes al sector del Nivel Socio Económico C con la propuesta de la modificación de la zonificación a nivel de parámetros en el incremento de altura de pisos y acumulación de lotes; planteando un producto acorde a las necesidades y características del sector NSE C. / Trabajo de investigación