The performance of real estate investment projects (REIPs) depends on profitability. However, the literature lacks a mathematical model of project-based profitability that can be utilized for estimating and assessing profitability in REIPs. This paper proposes a fuzzy logic model to quantify the relationships between the level of profitability performance of REIPs and significant factors affecting profitability. The proposed model is developed using project-based profitability data collected from 134 REIP professionals and comprises 61 factors categorized into 13 groups. The model was validated through case studies via the deployment of the model in two real estate projects. The first case study highlighted F2.5 financial management, F5.2 market research, and F7.2 exchange rate as the most critical factors, while the second case study emphasized F1.3 cost of reworks, F5.3 sales and marketing strategy, and F13.3 cost management as the most critical factors for the overall profitability performance. This study provides two significant contributions. Firstly, it presents a factor list and a model that professionals can utilize to effectively estimate and assess the profitability of REIPs. Secondly, it demonstrates the effectiveness of fuzzy logic in modeling the relationship between profitability and its factors, thereby suggesting its potential for future research on profitability modeling.
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