An examination of Thai practitioners’ perceptions of risk assessment techniques in real estate development projects

Khumpaisal, Sukulpat; Ross, Andrew; Abdulai, Raymond Talinbe

doi:10.1057/rlp.2010.3

Cited by 14 publications

(19 citation statements)

References 26 publications

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“…These risks therefore influenced to the developers' pricing strategy of the properties, in regard to increase the ended products' prices but diminished the customers' affordability. These findings supported that the fluctuation of construction materials prices had intensely influenced to the developers' perceptions of economic risks [19] (Table VI).…”

Section: Discussionsupporting

confidence: 72%

“…As earlier discussed, the real estate projects always affected by the economic risks, due to the characteristics of real estate project that is extensively income-generated projects, and economic risks are classified as the most complicated risks amongst the other source of risks [8], [44]. Thus, the economic risk assessment criteria had been modified to cover as much as possible economic risks in the real business case, it consisted of 28 variables, which grounded on risks caused by the marketing activities, financial risks, and business risks [44], [45].…”

Section: Resultsmentioning

confidence: 99%

“…Thus, the economic risk assessment criteria had been modified to cover as much as possible economic risks in the real business case, it consisted of 28 variables, which grounded on risks caused by the marketing activities, financial risks, and business risks [44], [45].…”

Section: Resultsmentioning

confidence: 99%

“…The factor loading's value indicated at 0.873 (the consequences) and 0.816 (frequency) this risk was particular uncontrollable, since it is related with other external factors such as the variation of currency exchange rate [19] or the unstable economic situation [36]. This factor lead to the variation of construction cost…”

Section: Resultsmentioning

confidence: 99%

“…As Thai developers lack of appropriate knowledge to assess, identify and understand the risks, and they are only interested in maximising the highest profit from their investment [14], [15]. Thai developers are still employing the non-systematic assessment methods such as intuition, or experience, which are not effective enough to assess the complexity of economic risks [19].…”

Section: An Overview Of Thailand Real Estate Business Contextmentioning

confidence: 99%

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An Examination of Economic Risks’ Perception of Thai Real Estate Developers

Khumpaisal¹

2015

IJTEF

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Abstract-Economic risk plays a critical role in real estate development projects as it directly affects project's income stream. This paper examines Thai real estate practitioners' perception of economic risks caused by several related factors such as financial or marketing aspects. The quantitative research approach is adopted and the Explorative factor analysis (EFA) has been carried out. It is based on a survey of Thai real estate practitioners, which was conducted in mid-2010 with a response rate of 52.5% (210 out of 400). This paper clusters the degree of economic risks into the appropriate categories by using the EFA technique. It finds that Thai practitioners emphasize on the economic risks caused by variation of construction materials' price more than the others Moreover, this paper underpinned that the economic risks in this industry are mostly involved with macroeconomic, financial/monetary, and marketing factors. Finally, this paper contributes the economic risk assessment model, which was established based on the solid statistical/mathematical framework that appropriate for the real estate industry.Index Terms-Economic risks, explorative factor analysis (EFA), risk assessment, Thailand real estate development industry.

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Section: Discussionsupporting

confidence: 72%

Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: An Overview Of Thailand Real Estate Business Contextmentioning

confidence: 99%

See 3 more Smart Citations