Proposition development for a residential property
Sector- Real Estate
Business Practice- Product Development & Pricing, Conjoint Methodology
To determine the most viable configuration of residential property options based on consumer preferences for a host of features & attributes in a heritage location in Saudi Arabia
A quantitative research design consisting of Conjoint Analysis to identify preferences of potential buyers of residential property, understand residential requirements and assess reactions to pricing.
An experimental design was created to include 8 variables, with levels ranging between 2 and 6. The research was conducted among citizens spanning select age, gender and socio-economic classes in KSA. A custom-built simulator was provided to the client to model multiple scenarios of consumer preferences & property configurations. In addition to the Conjoint Analysis, the study also delved into consumer preferences, attitudes & behavior with respect to property purchase.
Research helped the client determine the housing preferences of potential buyers of property in the heritage location.
Based upon the insights obtained from the Conjoint Analysis, the client configured the construction in terms of type, size, location, amenities/facilities, and distance from key heritage locations so as to maximize revenue potential.
The study also helped determine how much potential buyers were willing to pay for various configurations of housing – the simulator is being used on an on-going basis to determine this.