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Article
Publication date: 8 August 2024

Srinivasa Reddy N.S. and Sujata Khandai

Housing is one of the basic necessities of humankind for survival and purchasing a home is often a substantial milestone. Individuals exhibit complex behaviour influenced by…

Abstract

Purpose

Housing is one of the basic necessities of humankind for survival and purchasing a home is often a substantial milestone. Individuals exhibit complex behaviour influenced by various factors while making decisions related to the purchase of residential properties. While most of the earlier studies have focused on understanding the purchasing behaviour of home buyers’ in developed countries, the research is limited on this topic in developing countries such as India. The booming information technology industry has rapidly increased the demand for residential properties among the migrant population in Bengaluru, India’s largest technology hub. Real estate developers strive to meet the requirements of prospective customers through innovative ways but face challenges in a competitive market.

Design/methodology/approach

It is essential to understand the factors influencing home buyers’ purchase attitudes for increasing property sales. However, a lack of research on this subject is identified in the emerging city of Bengaluru. This study aims to analyse the determinants of home buying decisions for potential investors in Bengaluru through structural equation modelling to provide insights for the real estate industry to construct houses as per their customers’ needs.

Findings

It was found that housing amenities, financial aspects, location conveniences and marketing services significantly influenced home buyers’ purchase decisions, whereas housing features do not.

Originality/value

The findings of this study offer valuable insights for governmental bodies to implement appropriate policies and for builders to design properties with features that cater to the target population, thereby promoting sustainable growth in the real estate industry.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 5 August 2024

Asha Jaisy Sam, Benny Godwin J. Davidson, Jossy P. George and Peter Varghese Muttungal

The purpose of this study is to investigate the relationship between social trends, peer influence, personal attitudes regarding real estate purchase decisions, perception of…

Abstract

Purpose

The purpose of this study is to investigate the relationship between social trends, peer influence, personal attitudes regarding real estate purchase decisions, perception of long-term property value and the mediating effect of hedging in influencing property and real estate purchases.

Design/methodology/approach

Using a combination of quantitative surveys, this study aims to provide a comprehensive knowledge of the factors influencing real estate buying decisions. Data were obtained from 399 young consumers in four Indian cities. Using structural equation modeling, the suggested conceptual framework is examined.

Findings

The study’s findings suggest that attitude plays an important role in influencing real estate purchase decisions. Young adults also tend to look for long-term gains or value when purchasing a home. Developing durable products for the customers is the best way to grow business, according to the results.

Originality/value

To the best of the authors’ knowledge, this is the first paper that examines the role of sentimental, personal and financial factors in real estate purchase decisions. The study provides insights into how these factors interact and affect the decisions of consumers in real estate. The authors hope that the findings will be useful for real estate professionals to better tailor their services to meet the needs of their customers.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 29 May 2018

Deepak Murlidhar Sundrani

The purpose of this paper is to present partial results of a survey conducted in Pune, India. Its aim is to determine the importance of factors, other than the buyer-related…

1307

Abstract

Purpose

The purpose of this paper is to present partial results of a survey conducted in Pune, India. Its aim is to determine the importance of factors, other than the buyer-related factors, that influence the purchase of a flat/apartment, of buyers of different types of flats/apartments.

Design/methodology/approach

The author follows three hypotheses for recent buyers of three different types of flats/apartments, namely, 1 BHK, 2 BHK and 3 BHK (where 1, 2 and 3 indicate the number of bedrooms, H stands for hall and K stands for kitchen. Thus 1 BHK designates a flat/apartment with one bedroom, a hall and a kitchen). A total of 284 respondents from buildings located on the outskirts of Pune city participated in the questionnaire survey for this study. Ten factors have been considered.

Findings

From this study, it is concluded that price is significantly the most important factor for buyers of 1 BHK, followed by product, and then followed by location. For 2 BHK buyers, there is no single significantly most important factor. For 3 BHK buyers, there is no single significantly most important factor and the two most important factors are product and location.

Research limitations/implications

The results of this study show that buyers of different types of flats/apartments give different types of importance to the influencing factors. This study of buyer behavior will be helpful for the marketers of real estate companies, as they can identify the most important factors for various categories of buyers and implement those accordingly.

Originality/value

This study is the first to analyze the importance of the influencing factors for buyers of different types of flats/apartments. Also, it is the first to analyze the home-buying behavior for flats/apartments constructed in the outskirts, where most of the new constructions are taking place. This study will be useful to all the stakeholders of the housing industry.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 3 February 2023

Shahriar Kabir, Zakia Binte Jamal and Bindu Proshad Kairy

This study is based on the consumer purchase intention (CPI) in real estate. The purpose of this study is to investigate the link between CPI and preferred individual investment…

Abstract

Purpose

This study is based on the consumer purchase intention (CPI) in real estate. The purpose of this study is to investigate the link between CPI and preferred individual investment capacity in buying real estate properties. This study investigates if commonly known factors of CPI such as attitude, social power or subjective norms, perceived behavior power or control, location, surrounding environment and socialization can influence a consumer’s preferred investment amount when buying a house, either for own use or for rental purpose.

Design/methodology/approach

A total of 334 respondents participated in this study. The survey data was analyzed using factor analysis technique, ordinary least square technique and Poisson pseudo maximum likelihood technique.

Findings

This study finds that location, surrounding environment, property/construction papers, roads, mosque/temple and fire services significantly influence the preferred investment amount of a real estate investor.

Originality/value

This study suggests that a link exists between CPI and real estate investment decision through factors such as location, surrounding environment, legal documentation and communication facility. These identified CPI factors require serious consideration by the real estate developers and their financing partners.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 19 August 2022

Erdener Kaynak, Ali Kara and Azamat Maksüdünov

The housing/real estate sector is one of the most important sectors in any country. However, existing marketing literature on the home buying behavior and the decision-making…

Abstract

Purpose

The housing/real estate sector is one of the most important sectors in any country. However, existing marketing literature on the home buying behavior and the decision-making process is still in the early stage of development. The purpose of this study is to examine the home buying behavior from the consumers’ perspective in a high-context culture, namely, Kyrgyzstan and its managerial and/or public policy implications to other countries which are at a similar level of socio-economic development as Kyrgyzstan.

Design/methodology/approach

Using a questionnaire, data for the study (n = 300) is collected from households in Bishkek, Kyrgyzstan. Personal interviews were used to collect data from the four administrative regions of Bishkek.

Findings

Results of this study show that the physical, environmental and financial dimensions of the homes influenced consumers’ home buying intentions. A few statistically significant differences in terms of preferences for the proximity of the property to schools and shopping districts, having public sewer and water connections, and safety characteristics of the neighborhood were found between the first-time homebuyers and the repeat homebuyers.

Research limitations/implications

The most important limitation of the study is the use of convenience sampling. Although the sample size is reasonably large, the selection of the responses was done based on using convenience and connections. Representativeness of the results may be limited.

Practical implications

Along with the physical, environmental and financial dimensions of the homes, home buying is a high-involvement decision; it is not as much of an emotional purchase but rather a main residence and a good long-term value for Kyrgyz households. Both marketing and social stimuli did not have any statistically significant effect on purchase intentions. Therefore, housing and real estate developers should focus on understanding how their offering meets individual customers’ tangible and intangible expectations and assist them in their highly involved decision-making process.

Originality/value

To the best of the authors’ knowledge, this study is the first to conduct an empirical study to analyze the home buying decisions of Kyrgyz households. This study contributes to marketing literature by filling the existing gaps in understanding various facets of the high-context consumers’ home buying decision-making.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 6
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 9 September 2022

Anastasia Njo and Kathryn Sugeng

Since the COVID-19 occurred, large-scale social restriction (Pembatasan Sosial Berskala Besar-PSBB) has taken place, and that has led family members to carry out their activities…

Abstract

Purpose

Since the COVID-19 occurred, large-scale social restriction (Pembatasan Sosial Berskala Besar-PSBB) has taken place, and that has led family members to carry out their activities at home. This condition impacts both directly and indirectly the intention of house purchase, as a result of lifestyle changes during the pandemic. A house now serves as a residence, office, as well as school. This study aims to determine the influences of physical attributes, neighborhood preferences, financial concerns, financial risk preferences, health risk preferences, and COVID anxiety towards house purchase intention.

Design/methodology/approach

This associative study was carried out from February to May 2021 in the residents of Surabaya aged 20–34 years old as prospective first-home buyers, with relatives at risk of contracting COVID-19 (belong in the susceptible group or live with a family member who is prone to the COVID-19 virus, including having a comorbidity, elderly (= 60 years old), having a low immune system or autoimmune disease, obese). Data were gathered using online questionnaires from which 226 respondents were acquired. Data were analyzed using the PLS-SEM 3.0 technique.

Findings

The results showed that physical attributes, neighborhood preferences, financial concerns, financial risk preferences, and COVID anxiety significantly influence house purchase intention. Furthermore, neighborhood preferences, financial risk preferences, and COVID anxiety as moderating variables also significantly influence house purchase intention.

Practical implications

This study was carried out in Surabaya as the second-largest city after Jakarta with the highest COVID-19 mortality rate, which is useful for exploring the lifestyle changes and property demand as a result of the pandemic; Developers gain a business opportunity by offering properties that are multifunction and health-oriented.

Originality/value

The COVID-19 pandemic becomes a trigger for a change in the property market that needs to be studied further.

Article
Publication date: 20 June 2023

Janhavi Abhang and V.V. Ravi Kumar

This study aims to develop a database of existing academic information in house purchase decision (HPD) using systematic literature review (SLR), to facilitate worldwide…

Abstract

Purpose

This study aims to develop a database of existing academic information in house purchase decision (HPD) using systematic literature review (SLR), to facilitate worldwide advancement of research under HPD domain.

Design/methodology/approach

This research examined papers from two reputable databases – Scopus and Google Scholar – from 1992 to 2022 using a scoping review technique (Arksey and O’Malley, 2005) and a theme analysis method. Out of 374, 181 articles fit the inclusion parameters and were evaluated using the theme analysis approach.

Findings

Data from 181 articles was evaluated thematically to create a thematic map of HPD research. Five main themes and their sub-themes were identified: consumer behaviour, housing attributes, factors influencing purchasing decisions, investment analysis and demographics, which proved essential in understanding HPD and customer preferences for house purchase.

Practical implications

Data from 181 articles were evaluated thematically to create a thematic map of HPD research. This SLR intends to provide useful new insights on consumer concerns about home purchases in the rapidly developing residential real estate market and the issues that marketers, housing sector stakeholders, real estate industry and existing and future researchers should prioritize.

Originality/value

This research is unique such that it is the only 30-year-long SLR on the subject matter of HPD. This paper makes a significant contribution to residential real estate domain signifying the present state of research in HPD.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 5
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 13 February 2023

Andrea Rodrigues, Benny J. Godwin and Jossy P. George

Assessing anthropomorphic tendency in relation to real estate purchase decisions and analysing the elements of friendliness, aggressiveness, pleasure and arousal as a link to the…

Abstract

Purpose

Assessing anthropomorphic tendency in relation to real estate purchase decisions and analysing the elements of friendliness, aggressiveness, pleasure and arousal as a link to the spatial memory of the consumer. This study aims to help brands and advertisers in the real estate industry to create meaningful consumer relationships by using elements that are associated with positive spatial experience. By formulating a detailed questionnaire with adapted variables from proven research and a multilayered approach of theoretic and practical analysis, this paper situates the identified variables in the plane of space and customer experience.

Design/methodology/approach

By using structural equation modeling, this study analyses a sample data of 411 consumers and their response to elements of housing.

Findings

The findings of this study showed that variables of friendliness, aggressiveness, pleasure and arousal significantly impact consumer’s real estate purchase decision; however, anthropomorphic tendency does not have a significant impact. Through theoretical analysis, it was found that spatial memory may have a role in the visual and display of the variables.

Originality/value

The merit of this paper lies in the discussion it has raised with regard to the intersection between theoretics of space and the chosen variables. In the field of business and management, often philosophical implications of spatiality may not be actively associated with numerical computation. This paper not only looks at brand anthropomorphism’s impact on real estate purchase decisions but also looks at friendliness and other mentioned variables as significantly impacting purchase decisions and linked to memory, space and affiliation.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 1 December 2001

Tony Petersen, Peter Williams and Anthony Mills

Smart technology involves the integration of a variety of home systems including lighting, climate control, security etc. to enhance the comfort, convenience and economy of the…

2137

Abstract

Smart technology involves the integration of a variety of home systems including lighting, climate control, security etc. to enhance the comfort, convenience and economy of the home for its users. It is currently unknown if homebuyers believe that these systems add value to the home. This study used the market value of home sales and an attitudinal survey of homebuyers, to determine the increased value of homes containing smart technology. The results demonstrated that a significant price premium was paid for the incorporation of the technology into new homes. In addition, the research suggests that the use of this technology is not limited to high‐income earners or other demographic stereotypes. Instead it has broad market appeal and the potential to save energy for the community at large.

Details

Facilities, vol. 19 no. 13/14
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 5 November 2020

Sijo Saju John, Chaitali Balapure and Benny J. Godwin

The purpose of this paper is to understand the influence of young adults’ socialization and product involvement on family housing and real estate purchase decision-making process…

Abstract

Purpose

The purpose of this paper is to understand the influence of young adults’ socialization and product involvement on family housing and real estate purchase decision-making process. While previous studies have used these constructs in the fast-moving commercial goods category, this paper is considering the real estate family purchase decision as the core point of research and analysis.

Design/methodology/approach

Data were collected from 429 young working adults across various sectors in India. The proposed conceptual framework is tested using structural equation modeling.

Findings

The findings suggest that the teenagers with high social life have a better say in the decision-making process. It was also found that the young adults’ product involvement (measured in terms of gratification and symbol) construct shows how involved they are with the final decision-making in a family. The results suggested that the more young adult socializes, the more voice he has in the family housing and real estate decision-making process.

Originality/value

This paper is the first to analyze the role of teenage socialization and product involvement on family housing and real estate purchase decision-making process. This paper will be practicable to all the stakeholders of the housing industry as a whole.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

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