Prioritizing the structural and neighborhood preferences of Penang’s condominiums
DOI:
https://doi.org/10.24191.jeeir.v13i1.3930Keywords:
Condominium preference, relative importance index, urban, PenangAbstract
This study seeks to explore and elucidate the collective preferences of potential condominium buyers in Penang, Malaysia. It focuses specifically on the structural elements of the properties and the surrounding neighborhood features, as understood from the insights of experienced real estate agents. Recognizing the importance of structural and neighborhood preferences is crucial for meeting the everyday needs of individuals seeking to make a residential investment. The comprehensive literature review identified twenty significant structural features, including layout, amenities, building quality, and eighteen essential neighborhood characteristics encompassing safety, accessibility, and community resources. A selected sample of 60 real estate professionals through purposive sampling ensured that each respondent had at least five years of firsthand experience selling condominiums in the diverse market of Penang. These agents were asked to evaluate the importance of the identified attributes based on their extensive interactions with clients, utilizing a self-administered questionnaire designed with a 5-point Likert scale to gauge varying levels of importance. To assess the reliability of our findings, a reliability test is conducted on the questionnaires, resulting in a Cronbach Alpha value of 0.8, indicative of acceptable internal consistency within the data. After collecting and analyzing the data, the relative importance index ranks the attributes effectively. This ranking process provides a detailed discussion of the top ten prioritized structural and neighborhood preferences. This valuable insight highlights the critical factors that condominium buyers seek and sheds light on the overarching trends within the Penang real estate market. Finally, these findings serve as a rich resource for developers, marketers, and policymakers, enabling them to better align their strategies with the explicit preferences of condominium buyers. By doing so, they can enhance buyer satisfaction and significantly improve market appeal in the vibrant and competitive landscape of Penang’s condominium sector.
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