CHAPTER 1: INTRODUCTION Research objectives - Systematize the basic theoretical issues about the selling price of high-end apartments and 1. Reasons for choosing topics factors affecting to the selling price of high-end apartments. The trend of population growth in big cities is increasing. Demand for affordable housing is always scarce for the majority of residents. More and more wealthy customers in society need + Identify and select the most basic factors that affect to the selling price of apartment to upgrade the quality of accommodation. Many businessmen from abroad to work and live building. On that basis, building models and research hypotheses reflect the factors affecting in Vietnam need to choose a place with many facilities, beautiful environment, diverse to the selling price of apartment buildings in Hanoi city. services and good social security such as high-end apartments. High-end apartment building + Measuring and assessing the influence of factors (independent variables) in the has many different uses; Combining between the purpose of living, entertainment, business model on the selling price of high-end apartments (the dependent variable). and office with high density of use ... this type of multi-family high-rise housing meets the tastes and needs of enjoying the quality of life for rich customers. + Determining the level and importance of each factor to the selling price of apartment buildings in Hanoi city. - A freely developed market lacks state control; + Clarifying the difference in the impact level of factors according to the specific - There are no criteria to classify luxury apartments; characteristics of the customer segment. - The selling price and service charge are too high, not commensurate with the quality; + Proposing implied management solutions for real estate business investors in order - Investors lack market information; to scientifically determine high-end apartment selling prices, in line with reality and achieve -The selling price and administration and service fees are unreasonably high; effective business goals. Poor quality of condominium management and service provision; Research questions -The press published many unfavorable images for the project and investors; Question 1: Why is it necessary to study the factors affecting to the selling price of a high- -State policy inconsistent, or changeable; end apartment? -Does not locate the target customer segment; Question 2: What major factors are the selling price of a high-end apartment building on the Poor construction quality; electromechanical equipment - fire prevention and fighting Hanoi market? How important are those factors? associated with the project which can easily fail; Rapid technical infrastructure overloaded ..;
Question 3: How does the degree and dimension of each factor affect to the selling price of a - The investor is slow progress, does not hand over the pink book or red book to customers, high-class apartment on the Hanoi real estate market? encroaching on the common living space of residents ...
Question 4: How do real estate investors need to develop a high-end apartment price - Investors rate their own condominiums. The market is disturbed in advertising, marketing, strategy? PR ... so it is difficult to determine which projects are of approximate quality to the high-end apartment segment? many projects intentionally advertise false in order to deceive customers 3. Object and scope of the study ...Therefore, the topic "Factors affecting to the selling price of luxury apartments - a- Research object Research in Hanoi" is chosen as the subject of the doctoral thesis. The thesis focuses on the factors affecting to the selling price of high-end apartments. 2. Research objectives and research questions b- Scope of research
+ Scope of content: 5.4. State agencies can refer to and adjust legal documents to promptly regulate and effectively neutralize local defects in the real estate market in general and the high-end Factors affects to the selling price of luxury apartments. In fact, the purpose of the apartment segment in particular; investor is to determine the reasonable selling price. However, the dissertation uses the price survey method, so it can be considered as the perception (of the respondents) about the 6. Thesis structure selling price of luxury apartments when asked and interviewed. The thesis is structured with 5 chapters, as follows: The author only focuses on the group of factors associated with the apartment, Chapter 1: Introduction including: 1 / Characteristics of a high-end apartment (associated with physical variables of a Chapter 2: Research overview and theoretical basis of factors affecting the selling price of luxury apartments high-end apartment); 2 / the location of the building and the location of the apartment building; 3 / Ambient; 4 / Service quality (building management) and 5 / Investor's brand. Chapter 3: Research context and research methods Chapter 4: Research results on factors affecting the selling price of luxury apartments + Scope of research: Chapter 5: Solutions and recommendations. High-end apartment segment in Hanoi city CHAPTER 2: OVERVIEW OF RESEARCH AND BASIS + Range of time: THEORY OF FACTORS AFFECTING TO Secondary data from 2010 to 2018, primary data to be collected in 2019 and solution to 2025. HIGH-CLASS APARTMENT PRICE 4. Research process 2.1. Research overview of prices and factors affecting to real estate prices The research process of the thesis includes 2 steps, preliminary and official research. The 2.1.1. Scientific works published abroad author uses both qualitative research methods and quantitative research methods. Scientific papers published abroad mainly focus on the following aspects: (i) price and 5. New contributions of the topic valuation; (ii) behaviors' consumer buying behavior; (iii) values and factors affecting to The scientific research results of the thesis over the past 5 years are useful documents property values, (iv) factors affecting to real estate and housing prices. that can be used to refer to many subjects related to the real estate market in general and the Price and valuation high-end apartment segment in particular, such as:
Andreas, (2008) presents five factors that are hindering the implementation of a 5.1. Investors identify the majority of factors affecting the real estate market; to property value-based pricing strategy. Nigel & partners (2010) show that the need for managers to take value; value to use; real estate prices in general and luxury apartment prices in particular; a more strategic view of prices and test the possibility of price increases, especially in post- 5.2.Customers are aware of common defects from investors and objective factors affecting to crisis situations. Stephan & Andreas (2013) find a positive relationship between value-based the marginal price range when buying and quality of high-end apartments; So, there is a basis pricing (not competitive pricing) and corporate performance. to negotiate with investors about: 1 / selling price; 2 / product quality and 3 / legal; Studies using Hedonic models such as Griliches (1971), Thibodeau and Malpezzi 5.3. Synthesize negative consequences causing losses to the Investor - Customers and State (1980) ... According to Malpezzi (2003), during the development process, the housing market management agencies due to errors often from the investor (subjective) and from other is one of the widely used the model valuation of Hedonic ; because housing is a objective factors; From there, limit the negative factors and increase the derivative values for heterogeneous commodity; At the same time, consumers' demand is also different such as: an high-end apartments; apartment includes many separate factors in terms of area, quality, finishing materials ...
Hedonic method is commonly used because it estimates the value of the individual features From the above research results, apartment selling price depends on 3 basic groups of that constitute the overall value of the whole apartment. factors. The first group includes: 1 / the internal and external attributes of the house; 2 / The second group is the quality of accompanying services; 3 / The third group associated with the The house buying behavior of consumers demographic variable. The studies of Richards (1996), Gibler& Nelson (1998), Daly et al (2003), Tan 2.1.2. Overview of nationally published scientific works related to the topic (2011), Iman et al (2012), Rong (2013) mentioned the behavior of customers emotions, perceptions, and practices related to asset value (policy makers, investors, speculators, buyers Previous studies (Nguyen Manh Hung et al (2009), Pham Van Binh (2013), Nguyen Quang and users) Thu et al (2013), Luc Manh Hien (2014), Le Van Binh (2017), Nguyen Tuan Anh) (2018)) presented and analyzed the impact of factors on real estate prices such as: Area of the Value and factors affecting to property value campus; Distance to city center; Number of floors of construction and location of houses on Value is the core of the economy and the concept of market value forms the main fronts or in alleys; ) quality of apartment construction and services, apartment management, basis of real estate valuation (Ozdileksa et al., 2002). According to Roulac (2007), effects of customer support policies, financial policies, physical variables, location variables, theoretically, the property value is determined by the utility. Whereby people are paying for ambient variables, multiplier financial factors, non-financial factors ... But these studies still the right to use the property ... have certain limitations on the scope of research, research samples; theoretical research and empirical research to fully present, analyze and synthesize the factors that affect real estate Factors affecting to property value have been studied by many authors, such as: prices. Olayinka et al. (1997): Structural variables, project surroundings, community characteristics, location characteristics, characteristics environmental score, time characteristics; Adair et al. The studies on the factors affectingto real estate prices are summarized in Table 2.5. (1996): external and internal factors, then grouped into four main groups including asset 2.1.3. Theoretical model and research problems solved in the thesis variables, distance variables, environmental variables and financial variables; Roulac (2007): The theoretical model is built on the research overview as follows: brand, beauty and utility; Lorenz et al. (2011): Environmental value, social value, cultural value, image value.
Qualitative Factors affecting to real estate and housing prices
In addition to studies of individual factors affecting to real estate and housing prices (Greenberg &Crossney (2005), Ziet et al (2008), Hinkelman and Swidler (2008) ...) many Draft scale Preliminary Quantification Theoretical basis studies refer to the group of factors, typically: Ozdilek et al (2002) with 3 main groups: physical variables, environmental variables and location variables; Boris et al (2005) proposed a basic research model under Hedonic valuation model (HPM): social factors, physical factors, surrounding environment, real estate characteristics; Muhamad et al (2016) Cronbach Alpha Testing the research scale (Cronbach alpha + Total variable correlation) evaluated the properties of construction, location, and neighborhood that affect housing prices in Malaysia ... EFA Factor discovery analysis (EFA weight test, Explanatory variance, number of factors)
Official quantification Official scale and model adjustment
2.2.1. Definition of real estate, luxury apartments & luxury apartments
Based on the regulations and legal documents, the author said that:
* Real estate is a type of property, including: land, houses and structures attached to the land; including properties associated with such houses and constructions; other assets attached to land or other assets as required by law
2.2.2. Definition of High-end condominiums and luxury apartments
a / High-end apartment building is a high-rise building for mixed residential and service \ purposes; having investment rate of over 20 million VND / m2; have a high quality of life equivalent to 4-star hotels or more.
b/ High-end apartment building is a self-contained apartment owned by a rich customers, has the right to co-own multi-facilities of a high-end apartment.
2.2.2 The concept and nature of the price category
Smith (1776) and next to Ricacdo (1871) argued that: The price is a monetary expression of the value of the good. The seller defines the price of a good and a service as the income the seller receives through transactions. The price and value of the goods are closely related; price has a close relationship with the use value or the value of the good; prices and socio- economic relations. H1. Theoretical model is based on research overview. 2.2.3. Property value and price characteristics From the research overview, the scale system of factors in the theoretical model is also built Value is the core of the commodity. The concept of market value forms the main basis for with the independent variables of 43 component attributes and 6 component attributes of the real estate valuation (Ozdilek et al., 2002). Basically, the market value is calculated by the demographic factor (this factor proposed additions from theoretical models); The dependent market price of the most likely transaction. variable consists of 3 component attributes. 2.2.4. Factors that influence prices The research problems solved in the thesis: The thesis mentioned and solved the problem still left open (gaps) from previous research works. The thesis inherits and develops theories Internal factors (Marketing goals, Marketing - mix; Production costs and other internal about the formation of real estate prices and the factors affecting to the selling price of luxury factors); External factors (Characteristics of the market and demand, the nature and structure apartments in the Hanoi real estate market; Research direction of this topic will contribute to of competition, and other external factors). supplementing previous studies that are left open. - Through real estate value: The factors affecting to the price include: (Physical 2.2. Rationale for prices and factors affecting to real estate prices characteristics, Legal properties, Location of real estate ...).
In addition, factors belonging to investors also affect to property prices. In particular, Smith Strivingtarget Unit 2010 2015 (2010) emphasizes 9 factors that influence price perception. Population in major cities Million (people) 26,45 36 2.3. Theories related to the research topic Percentage of urbanization 28,72 39 % of total population Among the theories related to the research topic, typically: Planning behavioral theory; Asset 3,8 3,4 Per capital / household Person/ household Effect Theory and Quality Position Theory. These theories are related to the factors affecting Average commercial floor area meter/person 19,0 28 to the apartment selling price as well as some component attributes of the factors ... In Total number of apartments segments Million (units) 6,70 10,30 addition, some theories about marketing, transmission information is also referenced in use. 908 Total area of square meter of commercial floor Million meter 467,8 CHAPTER 3: BACKGROUND AND RESEARCH METHODS
Market supply: Real estate products (real estate) in Hanoi are divided into many different 3.1. Research background segments: residential real estate (apartment buildings, land plots, villas, individual houses); 3.1.1. Overview of real estate market in Hanoi in the period 2010-2018 Commercial real estate (office for lease, commercial center and retail space); Specialized real estate (industrial real estate). High-end apartments are the biggest backlog in the real estate Market demand is shown in Table 3.1 and Table 3.2 as follows market. Supply in districts is quite diverse, but mainly concentrated in the mid-end segment. Table 3.1: Demand for residential real estate in urban areas Real estate prices in Hanoi tend to increase with a large fluctuation range; Property prices also change cyclically and are strongly influenced by government policy and objective Table 3.2: Demand for housing in urban areas environment.
3.1.2. Multi-family housing development is concentrated in Ha Noi city. Equivalent to floor area
Period (year)
Estimated total housing unit demand Number of housingunits for new households The process of social development from collective housing to luxury apartments in Ha Noi (million meter) Number of units to bereplaced (2% per year) (million units) (million units) (million units) has gone through the following stages: The period from 1954 to 1986 was the period of 2009-2014 1,37 2,05 317,7 0,68 building a collective house made of wooden structures and simple prefab house. After that, 2014-2019 1,52 2,2 341 the first commercial apartment building was built in Ha Noi in 1987 was the 9-storey CT4B 0,68 Building in Bac Linh Dam urban area. Followed by a series of commercial apartments, resettlement apartments, cheap condominiums and new condominiums. Indispensable trend of building high-rise condominium models in big cities such as Ha Noi and Ho Chi Minh City.
3.1.3. Characteristics of some typical high-end apartment buildings in Ha Noi
a- The highest selling price compared to commercial apartment segments;
b- Full range of internal facilities and public services around;
c- Quality of artificial landscape and classy living environment;
d- Service quality and reputable building management unit;
đ- The position and location of the apartment increases the living value and price;
e- Customers in the segment with a lot of well-off money;
3.2. Research method and research model
3.2.1. Qualitative research methods The dependent variable (target variable): perception of the selling price of a high-end apartment in Hanoi; Qualitative research methods include: Research objectives and subjects; method of sampling and deliberately applied techniques to subjects participating in interviews and group Independent variable (factor variable): The group of internal factors belongs to real estate discussions. Open questions on factors related to supply and demand related to the selling value (physical characteristics, location and position, surrounding environment ...); Quality of price of apartments; Raising open questions related to observed variables of factors according condominium management services; Demographic characteristics. to the opinions of interviewed subjects, comments on draft scale 1 of the thesis ...). Regulating variable (the factor associated with the investor): Characteristics of the investor 3.2.2. Quantitative research method (position and reputation in the market, investment and business capacity ...)
Research theories: Research sample: Sampling the preliminary study taken according to the rule of multiplication 5 (Hoang Trong& Chu Nguyen Mong Ngoc, 2009). The questionnaires were H1: The physical characteristics of a high-end apartment have an impact on the selling price sent to organizations and individuals (anonymous respondents) for investigation. They are of a high-end apartment (selling price is based on the area of meter). investors, owners, distribution floors, tenants, users, managers, building administrators and H2: The location of the apartment and the location of the building affect to the selling price building management operators ... in Ha Noi. They also have different perceptions and of a high-end apartment assessments of high-end condominium prices.
H3: The surrounding environment affects to the selling price of a high-end apartment; Data analysis software SPSS 22.0 and AMOS with the tools: Descriptive statistics; Confidence testing of research concepts; exploratory factor analysis; Factors confirmatory H4: Service and management quality affects to the selling price of High-end apartment; analysis; Correlation analysis; Regression analysis and testing of research hypotheses. H6: The investor's characteristics (position and reputation; finance, technology, management; 3.2.3. Qualitative research results marketing) affect to the selling price of a high-end apartment Proposed research model and research hypotheses: H7: High-end apartment's selling price factors have an interactive relationship
Physical characteristics Scale development: The scales of the independent and dependent variables are developed (2nd scale): 1 / The physical characteristics of the apartment include 10 component attributes; 2 / The surrounding environment consists of 10 component attributes; 3 / The Apartment's position & location location and position of the apartment include 10 component attributes; 4 / Quality of apartment management services includes 10 component attributes; 5 / Characteristics of the Surroundings customer segment including 6 component attributes; 6 / The investor's characteristics include Factors affecting the selling price of luxury apartments
Quality of condominium management services
Customer segmentation
4 component attributes and the selling price of a luxury apartment includes 3 component 115 can be used. Results of preliminary assessment (table 4.1) of specific scales are as attributes. follows: Attributes (observed variable): VL10, VT5, MT1, MT2, MT9, CL3, CL6, NK1 and 3.2.3.4. Data processing NK4 have the total variable correlation coefficients less than (<) 0.3, so they are excluded. The data is cleaned and processed based on SPSS software. After performing statistics to The remaining attributes have Cronbach Alpha coefficients> 0, 6, and at the same time, the describe collected data, testing the value of the variable by exploratory factor analysis method observed variables have the total variable correlation coefficient> 0.3, so they are eligible to EFA; assess the reliability of the scale by the Cronbach Alpha reliability coefficient; perform the next steps. Thus, after doing preliminary quantitative research and evaluating the Verification of multivariate regression model and CFA confirmation factor analysis. reliability of the scale from the data obtained, some scales have changed in the number of attributes (observed variables) compared to the scale. Measurements have built up from - The thesis studies the impact of independent variables and control variables on the selling qualitative research. The scales with the remaining observed variables were re-encoded to price of luxury apartments. Therefore, the author will analyze 2 linear regression models: include in official quantitative research (table 4.3). Model 1 includes 05 independent variables and dependent variables. 4.2. Official quantitative research results 4.2.1. Sample descriptive statistics Model 2 includes 05 independent variables, 01 control variable and dependent variable. Table 4.4: Characteristics of the research sample The multiple regression equation for the study is as follows: - Gender (male, female); GBCHCC (1) = β1 + β1*VT + β2*VL + β3*NK + β4*MT + β5*CL - Age (from 18t-25; 26-30; 31-36; and over 36 years old. GBCHCC (2) = β1 + β2*VT + β3*VL + β4*NK + β5*MT + β6*CL + β7*DT - Average income: (under 5 million /month; from 5-10 million; from 11 million-20 million; Inside: and over 20 million / month; GBCHCC: Selling price of luxury apartment - Education: Graduated from high school; College / professional high school graduate; VT: Location of the apartment and the location of the apartment Graduate; Graduate graduate; and other VL: Physical characteristics of the apartment - Number of years participating in project management: less than 2 years; over 3 years, over 5 MT: Ambient years, over 10 years CL: Service quality & apartment management NK: Demographic characteristics The descriptive statistical results of the independent variables are presented in tables 4.5 to DT: Investor's characteristics 4.10. The results show that the constituent attributes of the factors are highly appreciated; β 1: Constant from 3.44 and up. For example, for the factor “Demographic characteristics”: The ability of home buyers to respond and solve problems (income) is assessed to have the strongest impact β2, β3, β4, β5, β6, β7 are the regression coefficients. ε is the random error with an average score of 4,279 points; followed by Family Membership with 4,275 points; Age with 4.02 points; Education level with 3.93 points. CHAPTER 4: RESULTS OF THE RESEARCH ON FACTORS AFFECTING TO THE SALE PRICE OF A HIGH-CLASS APARTMENT 4.1. Preliminary quantitative study results 4.2.3. Discovery factor analysis From the scale that has been adjusted through qualitative research, the author Table 4.11: KMO's test results, Bartlett's TestKMO and Bartlett's Test performed a test investigation on a sample of 130 subjects to evaluate the reliability of Kaiser-Meyer-Olkin Measure of Sampling Adequacy. ,897 the scale through Cronbach Alpha coefficients. Of the 130 questionnaires collected,
Cronbach Alpha coefficient = 0.835, and all observed variables have the total variable 5.601,009 Approx. Chi-Square Bartlett's Test of
Sphericity correlation coefficient> 0.3. Thus, this factor ensures reliability. 406 Df The dependent variable "Selling price of luxury apartment": 0,000 Sig. The dependent variable "Selling price of a luxury apartment" includes 3 observed variables, with Cronbach Alpha coefficient = 0,901, and all observed variables have total variable KMO coefficient = 0.897, satisfying the condition: 0.5
Barlett test has Sig. = 0.000 <= 0.05, meaning that the representative factors and observed variables are linearly correlated, proving that the variables in the population are related to each other. Scale Mean if Item Deleted Scale Variance if Item Deleted Corrected Item- Total Correlation Cronbach's Alpha if Item Deleted Selling price of luxury apartment
Test the explanatory level of the observed variables for the factors 7.2650 1.003 .835 .878 Selling price of luxury apartment 1 Table 4.12: Cumulative column shows the variance extracted is 58,346%, this means that the observed variables explain 58,346% of the variation of the factors. Prove that the factor 7.7626 .653 .832 .861 Selling price of luxury apartment 2 analysis research data is appropriate. Table 4.12, line 5, shows that there are 5 factors with Eigenvalues value greater than 1. 7.4171 .769 .835 .833 Selling price of luxury apartment 3 Results of the EFA model
Use the varimax method of the factors. The results of factor rotation times are shown in 4.2.5. Analysis of regression model when there is no control variable [table4.13]: Research results of factors affecting the selling price of high-end apartments EFA analysis of the scale of factors affecting the selling price of luxury apartments according to decreasing degree. (GBCHCC) and the scale of the selling price of high-end condominiums of enterprises shows The results from table 4.13 show that load factor coefficient ≥ 0.5, proving that all component that there are 29 observed variables satisfying requirements classified into 5 groups of variables tend to converge (Hair et al., 2010). factors, including: 1 / Physical characteristics of a high-class apartment (VL) including 9 observed variables; 2 / The location of the apartment and the position of the apartment (VT) 4.2.4. Evaluate the reliability of the scale include 6 observed variables; 3 / The surrounding environment (MT) includes 6 observed Independent variables: variables; 4 / Quality of apartment management services (CL) includes 5 observed variables; 5 / Demographic characteristics (NK) include 4 observed variables; 6 / Investor's Table 4.14 shows that, the observed variables have correlation coefficients greater than 0.3 characteristics (DT) include 4 observed variables; 7 / The selling price of luxury apartments and Cronbach's Alpha coefficients greater than 0.6. Therefore, all variables are reliable and (GBCHCC) includes 3 observed variables (here is the perception of price for the significant (Hoang Trong& Chu Nguyen Mong Ngoc, 2008). For example: The factor respondents). "Quality of condominium management services" includes 5 observed variables, with
Table 4.15. Synthesis index for multiple regression analysis showed that R2 was adjusted by 0.910 (the model explained 91% of the change in the GBCHCC variable). To test the suitability of the polyploid linear regression model, we use F Model Summary value in the ANOVA analysis table and the data matching model with 95% confidence (the a. Dependent Variable: GBCHCC significance of F-statistic in the ANOVA is less than 0.05 - through the ANOVA table).
The Enter method is used to regression analysis of the factors affecting the selling price of a There are six factors: Physical characteristics of a high-end apartment (VL); The location of high-end apartment, with 5 factors of the scale being analyzed. Adjusted R2 square is used to the apartment and the location of the apartment building (VT); Ambient (MT); Quality of evaluate the suitability of the model. The regression results showed that R2 was adjusted by apartment management services (CL); Demographic characteristics (NK); The characteristics 0.890 (the model explained 89% of the change in the GBCHCC variable). To test the of the investor (DT) have a positive influence on GBCHCC activities and are statistically suitability of the polyploid linear regression model, we use F value in the ANOVA analysis significant (here is the perception of price for the respondents). table and the data matching model with 95% confidence (the significance of F-statistic in the Regression equations for normalized variables are taken from the table. The meaning of the ANOVA is less than 0.05- through the ANOVA table). partial regression coefficients in the model - Coefficientsa has the following form: There are five factors: 1 / The physical characteristics of the apartment CCCC (VL), 2 / The GBCHCC = 0.299 + 0.265VT + 0.161VL + 0.190MT + 0.153NK + 0.008CL + 0.165DT location of the apartment and the location of the apartment (VT), 3 / Ambient (MT), 4 / Test research hypotheses Quality apartment management services (CL), 5/ Demographic characteristics (NK) have a positive influence on the selling price of luxury apartments (here is the perception of the price Analysis results show: 1 / Physical characteristics of high-class apartment (VL); 2 / The for the respondents. ) and statistically significant. position of the apartment and the location of the apartment (VT); 3 / Ambient (MT); 4 / Quality of apartment management services (CL); 5 / Demographic characteristics (NK); 6 / The regression equation for the normalized variables is taken from the table with the The investor's characteristics (DT) have a positive impact on the selling price of a luxury significance of the partial regression coefficients in the model - Coefficientsa has the apartment (GBCHCC) and have statistical significance (P ≤ 0.05), proving that: following form:
- The physical characteristics of the apartment have a positive relationship with the selling GBCHCC = 0.843 + 0.156VT + 0.198MT + 0.175VL + 0.113NK + 0.174CL price of a high-end apartment. Test research hypotheses
- The location of the apartment and the apartment's position have a positive relationship with Based on the above results, hypotheses: H1, H2, H3, H4, H5, H6 are accepted. the selling price factors of high-end apartments. 4.2.6. Analysis of regression model with control variable (DT)
- The surrounding environment has a positive relationship with the selling price of luxury Table 4.16. Synthesize index to analyze multiple regression factors affecting to GBCHCC apartments; a. Dependent Variable: GBCHCC - Service quality & apartment management has a positive relationship with the selling price b. Predictors: (Constant), CL, VT, MT, VL, NK of luxury apartments. c. Predictors: (Constant), CL, VT, MT, VL, NK, DT - The investor's characteristics have a positive relationship with the selling price of luxury - When adding control variables to the study with 6 scale factors analyzed. Adjusted R square apartments; used to evaluate the suitability of the model has increased to 0.01. The regression results
5.1.3. Selling price and the relationship between supply and demand in the market - Demographic characteristics have a positive relationship with the selling price factor of luxury apartments; Situation: The need to enjoy the quality of life in the home is increasing. The selling price of * The elements of the selling price of a high-end apartment are interrelated with each other. a high-class apartment is too high, not commensurate with the quality expected by customers. That is, hypotheses: H1, H2, H3, H4, H5, H6, H7 are accepted. Excess supply due to many defects from the investor and from the object ...
Results of analysis of variance (ANOVA): Solution: Investor needs to know competitors with a similar number of products in the future; survey purchasing power in the market; products that satisfy customers; reduce expected Position and prestige with luxury apartment price, image and brand name with high-end returns; increasing derivative values for customers and related partners ... apartment price, capacity and experience with high-end apartment price and Marketing and 5.1.4. Market research and customer segmentation Communication Strategy for apartment price High-end apartments show no difference in the assessment results of respondents regarding position and prestige factors with the selling Situation: Investor is not bold enough to pay to buy sociological information; subjective price of luxury apartments (due to factors with sig> 0.05). estimation and profit expectation are too high, so the selling price and opening time are not CHAPTER 5: CURRENT SITUATION AND SOLUTIONS suitable with the market.
5.1. Reality Solution: There must be quite accurate data / parameters through the results of methodical and serious market research; Investor needs to hire a professional unit in market research and 5.1.1. Selling price and product quality sociology to prepare an honest-feasibility study report on PS (Pre-feasibility Study). Situation: The investor's high-end apartment price is not commensurate with the quality of 5.1.5. Finishing products the apartment and building services according to the market mechanism; does not reflect the Situation: Investors often subjectively impose their aesthetic tastes through completed standard of an apartment building that is labeled as a luxury apartment project. apartments. Consequently, investment costs and selling prices are also pushed up; customers Solution: To limit this, it is necessary to: (i) Approval plan on total investment and financial have different tastes and tastes of their accommodation (colors, materials, equipment ..); plan appraised / appraised by departments as the basis for construction department to issue customers often have to destroy a part or the whole to complete again as the owner should construction license will be pasted. publicity at the project and at the office of the People's waste money of the efforts of both sides ... Committee where the project is located; (ii) The selling price of the investor for the first time Solution: Should basically improve the use of functions; (plastering, wall priming, kitchen will comply with the price list + coefficient as the public financial plan; (iii) Avoid customers pedestal, staircase, plaster ceiling, electricity and water installation to the apartment ...); who do not know about prices and brokers or investors raise prices unreasonably. depending on economic conditions and preferences of customers so that they can choose the 5.1.2. Selling price and customer psychology type of finishing material; color and cost of investment (wood, stone, brick, glass, equipment Situation: Building high-end condominium prices that exceed income and customer or wallpaper ...); satisfaction;
Solution: Investor needs to understand the psychological development of the target customer. Understand the preferences, wants and needs of customers. Providing beautiful real estate 5.1.6. Location and location of the building and luxury apartment building products with low cost and convenience to benefit customers.
Reality: Many buildings are facing the west, so it is very hot; Looking out at cemeteries, auction; management and service providers are performing under an economic contract with landfills ... at the end of the wind direction polluted by the crematorium, fish sauce, the insurance fund (after being selected). The insurance fund keeps the fund 2% for profit and chemicals, smoke from industrial factories ... narrow access roads, often flooded and traffic is responsible for disbursement. Government representative for general supervision. Each quarter must disclose the list of revenues and expenditures and the total balance of the fund. jams ...
5.1.9. Prestige and image of the Investor The solutions include: Investor should buy concept for the project to reach the international level to increase the value of the project; increase the quality of living space; Every apartment Situation: Some investors have been boycotted by customers to not buy apartments for many has a balcony, logia and door overlooking the beautiful landscape; rooms have good natural subjective reasons; customers who have purchased returned apartments; residents held light and ventilation; layout of functions for scientific use; convenient internal traffic; quick banners to demand pink and red books; reclaim fund maintenance, oppose acts of invasion of exit ... common utilities; lack of finance, slow progress; violating construction regulations that are 5.1.7. Environmental landscape forced to… lose reputable image in the media ...
Solution: Investors need finance; strictly comply with all commitments signed with Situation: Many high-end apartments but few trees, trees with small trunk diameter, small customers. No encroachment on common areas, community living spaces, not too high fees; foliage, little green carpet, little garden space, no water surface and little attention to artificial hand over house and pink book, red book on schedule; infrastructure and public works landscape; lack of areas for playing sports, community activities ... serving residents; professional service staff ... Solution: Planting trees and designing beautiful landscapes; create a high-class living space, a 5.1.10. Completing State real estate management policy positive social environment. Investor needs to find a reputable unit to design landscape and fine arts, increase spiritual value, increase commercial value and increase satisfaction level, Reality: Slow to issue documents to regulate the market; quality of overlapping documents proud of customers' accommodation ... contradicted other legal documents; not keeping up with hot movements of the market (crisis, 5.1.8. Quality of service and building management inflation, virtual fever, price blowing, real estate bubbles ...)
Reality: Many apartment buildings are dirty and lose their aesthetics; The attitude of the Solution: State agencies should work closely with professional organizations to get receptionist, the guard is rude, indifferent, indifferent, cold, irritable, disrespectful, prickly information from the grassroots level on the macro and micro level; issue quick legal and irresponsible ...; Building management is mixed with scoundrels; have no financial documents for stable management of the real estate market, stable and sustainable management expertise. 2% maintenance fund is corrupted ... conflicts between residents and development ... the management board; Conflict between the management board with the investor and state management agencies ... causing disorder and security ...
Solution: The State soon has regulations on personnel criteria in the building management board; The fund management component includes: 1 / investor's representative; 2 / government representatives; 3 / resident representative; 4 / insurance fund and 5 / CHAPTER 6. CONCLUSIONS AND RECOMMENDATIONS professional building management unit. Resident representative (only proposing, ordering) A. CONCLUSION requests for embellishment, renovation, repair, and procurement (no right to spend); The investor is responsible for the engineering of the building; Setting the unit price estimate and
A1. The thesis fills the gap about factors affecting the real estate market in general and B4. Professional organizations such as Vietnam Real Estate Association, Hanoi Real Estate factors affecting the selling price of luxury apartments; Club ... need to coordinate with departments to regularly organize conferences and seminars on real estate market; boldly criticizing the policies of the state; coordinated with the Faculty A2. Pointing out common errors from the investor and the objective environment has left of Real Estate and Resources of the National Economics University to organize intensive negative consequences for investors and damages for customers. academic training in the field of valuation, floor management, brokerage, marketing, sales ... A3. Statistics of common errors so that entities related to the real estate market and luxury for all real estate world. apartment segment avoid repeating failed lessons. B5. The State needs to select cadres and specialists who are ideal to serve and contribute; A4. Point out the negative factors affecting the project implementation process from the local have professional qualifications; experience and personal responsibility; have an ethical state management agencies; risks for investors and customers due to changing leadership; real character and stance to represent the state when examining and approving projects, state estate market in general and luxury apartment segment in particular are negatively affected management in writing policies ... instructing businesses and customers to save time and by the rapidly changing policy mechanism of the state. avoid errors leading to public the process of bearing safety and breaking the law;
A5. Proposing many solutions to overcome the negative factors and positive solutions to B6. State management agencies need to coordinate closely with professional organizations to increase the use value, increase commercial value and reasonable high-end apartment selling issue legal documents to quickly regulate the phenomenon of collusion to blow prices, price in the market; suppress prices ... When the real estate market is freezing, hot growth is at risk of bubble burst, when the macro economy suffers from crisis or inflation ... B. RECOMMENDATION
B1. Investors need strong financial resources; have a core personnel system that converges the necessary qualities and qualities to develop the project; investment and construction management; communication, sales and after-sales service; handing over the house and red book, pink book on schedule; the selling price and service charge commensurate with the quality expected by the customer ...
B2. Customers should sign contracts with the floor, a reputable broker of a professional organization such as the Brokerage Association, the Hanoi Real Estate Club ... so that this third party, on behalf of the client, can find apartment products. converging the majority of necessary elements that the customer wants; assisting customers in negotiating prices and after-sales terms; Complete legal procedures for buying and selling to customers such as notarization of contracts, bank loans, authorization ...
B3. Consultants, brokers, distribution floors, media, advertising, and marketing agencies in the real estate sector need specialized knowledge and practical experience; thereby advising the investor to adjust the apartment structure, selling price, commission and after-sales to stimulate demand, attract interested target customers ...
