Estudo comparativo entre a rentabilidade de ter imóveis para aluguel ou investir em fundos imobiliários como alternativas de investimento no setor imobiliário.

Abstract

This research aims to investigate which is the best form of investment between having physical properties for rent or owning shares of real estate funds. For this purpose, a quantitative approach was used to compare the profitability of the two investments in the same proportion of time and considering equity in the amounts invested. Data regarding the dividend yields of the two assets from 2017 to August 2022 and data on the differences in quotations for the last 12 and 24 months were collected, in order to add them to the dividend yields and obtain the total returns for the periods, and finally formulas were used risk-return control measures such as the Sharpe Ratio and the Sortino Ratio to assess the quality of the funds. This article contributes to the advancement of knowledge on the topic addressed in a clear way by bringing a clear result on total returns, "rents" and the risk-return ratio of the funds, but it has limitations because it does not have access to the data of all the funds of the analyzed sectors, not having considered the “hospital” and “hotel” funds in the calculation of the commercial sector and the lack of a data proxy for a deeper study of physical properties regionally.