DIGITAL REAL ESTATE MANAGEMENT: IMPLICATIONS FOR PUBLIC AND PRIVATE SECTOR: A CASE STUDY OF ISLAMABAD, PAKISTAN

Abstract

Real estate is an important contributor to the development of global economies. Almost every person in five regrets their purchase or rent decision. Lack of information, the complexity of buying processes of properties, multiple registries, involvement of brokers, and excessive paperwork are some of the major issues that lead to many land and property disputes. In real estate, development, consumers are a key part of the decision-making process because of the high involvement and multi-criteria nature of purchasing a home. From the literature, it is found that factors such as social, economic, locational, physical, marketing, and experienced-based factors affect consumer behaviour and help consumers to make an informed decision. This study aims to investigate the factors that impact consumer behaviour in development. Data was collected from 450 households in approved and unapproved housing societies using simple random sampling. For primary data analysis, descriptive statistics, factor analysis and ordinal regression analysis were conducted in SPSS to identify the most important factors that influence consumer decision-making. Factor analysis revealed that the location, proximity to open areas, shopping centers, educational and health centers, and marketing strategy were the most important factors affecting consumer behaviour. Results of ordinal regression analysis reflects that proximity to work, distance from city center, educational institutes, highway, public transport, healthcare center, parks along with concerns of safety and security and availability of drainage system, brand name/developer’s repute, marketing from celebrities, TV Channels and internet access and usage enhance speed to buy properties are the factors that reduces the regret level of people after buying a property. Some of the factors that impact negatively to the regret level of consumer are on-site development status, water availability, distance from playground, shopping mall, airport, agents provide complete information, used platform provides information about approval status, marketing through messages, billbaords and internet access to give choice to compare properties. For integrating digital technologies in real estate, bibliometric and systematic reviews had been conducted on digital real estate that identified different themes: information communication technologies, data collection technologies, data networking tools, and digital decision-making systems. Digital real estate technologies should be integrated with the website to give customers a clear picture of real estate assets to avoid post-purchase and post-rent regret. In addition, digitalization and innovation, as well as a regulatory framework and stakeholder engagement, should be considered to make real estate development more livable, sustainable, resilient, and affordable