Inquisition of Consumers Prioritization Criteria for Home Purchases in Malaysia using Multi Criteria Decisions Analysis: Does Socio-Cultural Factors Rank Highly?
Based on previous empirical studies, there has been interesting debate about socio-cultural effects on consumers’ housing preferences. As a multi-cultural country with societal polarization, Malaysia’s housing market poses an interesting question; do socio-cultural factors affect consumers’ housing...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Science and Engineering Research Support Society
2020
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/28273/1/IJAST%2029%2010S%202020%2035%2044.pdf http://repo.uum.edu.my/28273/ http://sersc.org/journals/index.php/IJAST/article/view/14386 |
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| Summary: | Based on previous empirical studies, there has been interesting debate about socio-cultural effects on consumers’ housing preferences. As a multi-cultural country with societal polarization, Malaysia’s housing market poses an interesting question; do socio-cultural factors affect consumers’ housing preferences and purchase priority? If so, which factors are prioritized and preferred more by potential buyers? This paper intends to determine which socio-cultural factors are more preferred and prioritized by potential buyers. The study employs the Analytical Hierarchy Process (AHP) method to find the answers. A pairwise comparison analysis using AHP-type questionnaire is carried out to determine prioritization of buyers’ preferences with regards to socio-cultural factors. A total of 102 respondents from various states in Malaysia have participated in this study. The findings show that safety and security of the residential area is the most prioritized factor by Malaysian home buyers followed by demographic profile of the residents. Interestingly, perceived social status or prestige of staying in the upmarket residential area was not highly prioritized. Overall, however, socio-cultural is not ranked first when compared to other criteria especially financial and locational factors. The result is also a representation of predominantly young educated Malay consumers with fairly ‘young’ career and family. In all, it is expected that this study will be beneficial and key output includes ranking of buyers’ purchasing priority (Socio-cultural factors) can be leveraged by property developers, and policy makers. |
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