Distorções no Mercado Imobiliário de São Paulo: Uma Análise Comportamental na Comercialização de Imóveis em Lançamento

This research investigates price distortions in São Paulo’s real estate market, focusing on residential off-plan properties. The study compares prices between pre-construction and completed units to evaluate whether implicit returns adequately compensate for risk and the time value of money. Based on data collected from brokers and developers, the results indicate that consumers frequently accept returns below the financial opportunity cost. These findings suggest the influence of cognitive biases—such as intertemporal discounting errors and anchoring effects—which distort value perception and affect decision-making. The study highlights the relevance of integrating behavioral economics insights into real estate pricing models to improve market efficiency and consumer welfare.