Real estate projects can be evaluated more effectively using real options analysis instead of traditional methods like Net Present Value. This approach considers changing conditions and helps identify the best strategy and timing for construction. A study on a real estate project in La Rioja, Spain, showed that using real options led to profitable outcomes in various scenarios, while the static method would have deemed the project unviable. Flexibility in real estate development adds value by allowing for dynamic responses to market changes, leading to better investment decisions and uncovering opportunities that would have been overlooked.