Measuring potential resident’s and buyer’s attitudes towards non-existing residential developments
||Measuring potential resident’s and buyer’s attitudes towards non-existing residential developments
||21st Annual European Real Estate Society Conference in Bucharest, Romania
||PurposeThe purpose of this paper is to show how value creation from a customer perspective can be empirically verified using a structural equation model and LISREL. A video animation of a planned residential project was used in combination with a structural equation modeling approach to statistically verify differences in attitudes towards the design of buildings, the landscaping and the location of a residential project nearby Stockholm, Sweden. Moreover an experimental design was used to investigate the effect of raising estimated market prices by 25 %. The purpose was to investigate if differences in attitudes could be revealed between socio-demographic groups. Proven successful, consumer values can be increased by investigating attitudes towards different design solutions of non-existing residential developments using video animations or 3-D pictures.FindingsStatistical results confirm differences in attitudes held by different socio-demographic groups towards a video animated residential development.Research limitations/implicationsResearch shows how it is possible to analyze for example, design solutions in ongoing and upcoming phases of residential projects. Multivariate techniques can be used to advise developers, architects and planners before large investments is made.Originality/valueThis paper contributes to research in market analysis and real estate development by presenting a new approach in how to perform market studies using multivariate techniques.
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||G : Market Research, Analysis & Forecasting
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