There have been few attempts made to perform a systematic analysis of the various risk influence factors in building development projects. This study suggests an analysis of the risk influence factors in the process of feasibility studies for apartment building development projects. To reflect the voice of professionals, surveys were carried out. In addition, an FD-AHP method was applied to identify the importance of the risk influence factors. Through the surveys, major risk factors were separately identified as direct and/or indirect elements. An analysis of risk influence factors supports an effective feasibility study of apartment building development projects.