Investment cost and market demand are introduced to set up an asymmetric duopoly option game model of real estate investment decision. Then three equilibriums such as preemptive, sequential and simultaneous equilibrium are discussed, and the results indicate that investment cost and market demand have an important impact on developer's investment strategies. To every developer, whether or not to be leader and when to invest depend on its comparative advantage and disadvantage between investment cost and market demand. When the comparative adva...