w88 win factors affecting w88 win people’s housing and land buying decisions in residential areas in Soc Trang city, Vietnam

ABSTRACT:

This study is to analyze w88 win factors affecting w88 winland and housingpurchasing decision in residential areas in Soc Trang City, Vietnam. This study used w88 win multiple linear regression analysis method with data sets collected from 200 households living at residential areas inSoc Trang City. w88 win study’s results show that w88 win factors including influencers, living and education conditions and transaction convenience affect w88 win land and housingpurchasing decision.

Keywords:purchasing decision, land and housing, residentials, Soc Trang City.

1. Introduction

In recent years, w88 win demand for buying housing of people and land is increasing. Because w88 win ownership of real estate is considered an important measure to assess person's social status, which is also w88 win concept of Vietnamese people living for a long time "settling in w88 win bliss". w88 win housing market is no longer w88 win monopoly of big cities such as Hanoi, Ho Chi Minh, or Da Nang, but it has been spreading to most regions, especially w88 win satellite "satellite" provinces. Soc Trang is one of w88 win provinces with many advantages in housing and land investment. However, with w88 win high price, it is difficult for people with a low and middle income to own an apartment or land in w88 win residential area as desired. Recently, due to w88 win evolution of w88 win epidemic situation, w88 win situation of pushing housing prices beyond w88 win actual value is no longer present and gradually turning back to a true value, which helps people participate in transactions more. When deciding to own land and housing, people care and choose products or projects that suit actual needs, financial capability, reputable investors, payment policies, etc. On w88 win other hand, real estate companies need to understand w88 win factors that lead to w88 win decision that people will buy land and housing so that supply and demand can meet each other more easily. For w88 win above reasons, w88 win study "w88 win factors affecting w88 win people’s housing and land buying decisions in residential areas in Soc Trang City" is conducted.

2. Theoretical background

In recent years, there are many studies on housing and land in residential areas. In particular, w88 win decision to buy housing and land of people in w88 win residential area is influenced by many different factors. Reality show that population growth requires a huge area for people's housing needs. Al-Nahdi & Ghazzawi (2015) showed that w88 win group of attitude factors positively affects w88 win intention to buy real estate, while w88 win group of location factors, living space, public service and reference (w88 win influence of Friends and Other Reference Groups) did not have a significant linear relationship with a customer's intent to purchase real estate. In addition, Singh (2013) showed that w88 win factors affecting w88 win decision to buy a house of w88 win Indian people include: basic amenities, finance, connectivity, and proximity. In particular, basic amenities and finance have w88 win strongest influence on people's houses buying decisions. On w88 win other hand, Opoku & Muhmin (2010) showed that w88 win factors influencing w88 win decision to buy a home by low-income people in Saudi Arabia include: financial considerations, private living space and aesthetic aspects. Of w88 win house, these are 3 important factors in w88 win decision to buy a house for low-income people.

w88 win three less important factors are outer space, street location, and proximity to family members. In addition, Phan Thanh Si (2012), identified factors influencing customers' decisions to buy houses in Vietnam, including house characteristics, living space, financial status, house distance to w88 win center, landscape environment. In which, factors of living space and w88 win distance of w88 win house to w88 win center have w88 win strongest influence on customers' buying decision. In buffer cities where has w88 win lower land prices, those who cannot afford to buy a home would choose to live in there more than. This is a potential market, housing investors must know w88 win characteristics of prospective homebuyers and w88 win price factor is w88 win most important factor (Maoludyo & Aprianingsih, 2015). Buying a home is considered w88 win biggest financial decision in a person's life. w88 win most important factors influencing first-time homebuyers' decisions include home price, location, family transition and neighborhood (Abdullah, et al., 2012). Recently, Aryani & Tu (2017) was conducted a survey about w88 win demand for residential housing in Indonesia. w88 win study results showed that comfort, security and self-actualization influenced to decide to buy of homebuyers. Besides that, age influenced on decide to buy housing of people here.

3. Research methods

3.1. w88 win proposed research model

w88 win research model is shown in Figure 1 based on w88 win experimental research models of w88 win authors Al-Nahdi & Ghazzawi (2015); Meenakshi (2016); Singh (2013); Abdullah, et al (20112); Maoludyo & Aprianingsih (2015); Aryani & Tu (2017). w88 win six group factors comprise six hypotheses from independent variables and dependent variables.

3.2. w88 win scale

w88 win scale of decisions to buy land and houses of people in w88 win residential area in Soc Trang city is shown in Table 1 below. w88 win observed variables are measured by a 5-level Likert scale (from 1: totally disagree to 5: totally agree).

Table 1: w88 win scale of decisions to buy land and houses

Source: Collection by w88 win author, 2020

3.3. Data collection and analysis

This study investigated a sample size of 200 observations. These are 200 households who have bought land and houses in residential areas in Soc Trang city. Survey by w88 win method of random sampling according to w88 win list of customers with real estate transactions at real estate companies and notary offices in Soc Trang city. Cronbach's alpha testing method, exploratory factor analysis, and multiple linear regression are used to determine w88 win factors that influence people's buying decisions.

4. Research results

To determine w88 win factors affecting w88 win decision to buy houses and land of people in w88 win residential area in Soc Trang city, w88 win steps to test w88 win reliability of w88 win scale (Cronbach's Alpha), w88 win exploratory factor analysis method and w88 win multiple linear regression method were used to estimate. w88 win regression results are shown in Table 2 below:

Table 2: w88 win results of w88 win regression model estimate

Note:^***; ^**; ^*: corresponding to w88 win significance levels 1%; 5%; and 10%

Source: Processing survey data of 200 people in Soc Trang City, 2020.

To ensure w88 win regression model used is consistent and statistically significant, violations of w88 win linear regression model are checked. Specifically, w88 win VIF coefficients of w88 win independent variables are all less than 3 (satisfying w88 win necessary condition as VIF <5), so w88 win model does not have w88 win phenomenon of multicollinearity. In addition, w88 win test results showed that w88 win F coefficient of w88 win model is 18.914 with w88 win significance level = 0.000, which is smaller than w88 win significance level α = 1%, which means that w88 win regression model is used significantly. Coefficient R2 = 0.408, that is, w88 win independent variables explain 40.8% of people's decisions to buy land and houses in residential areas in w88 win city.

w88 win estimation model showed that, among w88 win 07 factors included in w88 win study, there were 06 factors that have a statistically significant impact on w88 win people's decision to buy land and housing. These factors include: F1 (Characteristics of w88 win residential area); F2 (Financial situation); F3 (Living space); F4 (Faith from relatives); F6 (Living environment and educational conditions); and F7 (Convenience when dealing and using). All these factors positively affect people's decisions to buy land and houses.

5. Conclusion

w88 win analysis results showed that w88 win decision to buy land and houses in w88 win residential areas of w88 win people of Soc Trang city is affected by factors characteristics of w88 win residential area, financial situation, faith from relatives, living environment and educational conditions, and Convenience when dealing and using. This showed that, there are many conditions from w88 win buyers themselves and w88 win characteristics of w88 win residential area that lead to w88 win people's decision to buy land and houses. This result is completely reasonable because housing is a high-value asset, requiring people to consider carefully before deciding to buy. This article is useful information to help real estate investors in Soc Trang city have plans to build, design and adjust prices accordingly so that people can own real estate in w88 win residential areas is getting more and more.

REFERENCES:

[1]     Abdullah, S. L.,Nor, S. I., Jumadi, S. N., & Arshad, S. H. (2012). First-time home buyers: factors influencing decision making, 2012 International Conference on Innovation and Technology for Sustainable Built Environment (ICITSBE 2012). 27-28 March 2012, Perak, MALAYSIA. Ref No.: EE-09. (Trích dẫn lại theo quy định về tài liệu tham khảo tại Hội thảo)

[2]     Adair, A., Berry, J., & McGreal, S. (1996). Valuation of residential property: Analysis of participant behaviour. Journal of Property Valuation & Investment, 14 (1), 20-35.

[3]     Al-Nahdi, T.S., & Ghazzawi, O.H. (2015). Behavioral Factors Affecting Real Estate Purchasing. International Journal of Business and Social Science, 6(8).

[4]     Aryani, N. P., & Tu, K. J. (2017). w88 win Factors Affecting w88 win Home Buying Decisions Related to House Physical Characteristics in a Middle-Up Estate in Surabaya, Indonesia. Architecture science, 15(June 2017), 1-15.

[5]     Chia, J., Harun, A., Kassim, A. W. M., Martin, D., & Kepal, N. (2016). Understanding factors that influence house purchase intention among consumers in Kota Kinabalu: An application of buyer behavior modeltheory. Journal of Technology Management and Business, 3(2), 94-110.

[6]     Daly, J., Gronow, S., Jenkins, D., & Plimmer, F.  (2003). Consumer behaviour in w88 win valuation of residential property: A comparative study in w88 win UK, Ireland and Australia. Property Management, 21(5), 295-314.

[7]     Maoludyo, F.T., & Aprianingsih, A. (2015). Factors influencing consumer buying intention for housing unit in Depok. Journal of business and management, 4(4), 484-493.

[8]     Opoku, R., & Abdul-Muhmin, A. (2010). Housing preferences and attribute importance among low-income consumers in Saudi Arabia. Habitat International, 34, 219-227.

[9]     Phan Thanh Si. (2012). Key factors affecting house Purchase decision of customers in vietnam. International School of Business University of economics Ho Chi Minh City.

[10] Singh, T. (2013). Identifying key factors affecting purchase decision of residential apartments: an exploratory study in peripheries of chandigarh. International Journal of Applied Services Marketing Perspectives, 2(3, July – September).

Cácyếu tố ảnh hưởng đến quyết định mua nhà và đất tại các khu vực dân cư của thành phố Sóc Trăng, Việt Nam

Th.S Nguyễn Minh Tân

Đại học Công nghệ Cần Thơ

Th.S Tăng Thị Ngân

Cao đẳng Kinh tế Kỹ thuật Cần Thơ

Th.S Lương Văn Thông

Đại học Công nghệ Cần Thơ

TÓMTẮT:

Nghiên cứu này nhằm phân tích các yếu tố ảnh hưởng đến việc ra quyết định mua nhà và đất tại các khu vực dân cư thuộc thành phố Sóc Trăng, Việt Nam. Nghiên cứu được thực hiện dựa trên việc phân tích dữ liệu từ 200 hộ dân sinh sống tại các khu dân cư của thành phố Sóc Trăng và áp dụng phương pháp phân tích hồi quy tuyến tính. Kết quả nghiên cứu cho thấy các yếu tố ảnh hưởng đến việc ra quyết định mua nhà và đất gồm tác động từ những người có tầm ảnh hưởng, điều kiện sinh sống và giáo dục, và mức độ thuận lợi trong giao dịch.

Từkhoá:Quyết định mua nhà và đất, khu dân cư, thành phố Sóc Trăng.

[Tạp chí Công Thương - Các kết quả nghiên cứu khoa học và ứng dụng công nghệ, Số 1, tháng 1 năm 2021]