Case Study: Understanding Thai Real Estate Market Dynamics

Industry: Real Estate

Duration: 15 Days

Service: Recruitment, Fieldwork

The Business Issue

A leading online real estate platform in Thailand sought to gain deeper insights into the evolving real estate market dynamics and the preferences of potential homebuyers. Their goal was to optimize their platform offerings and marketing strategies to better serve their users and increase market share. The objective is to explore the decision-making process, preferences, and experiences of these individuals to better inform marketing strategies and product development. Iconic Research worked on this project in collaboration with another agency ensuring the smooth recruitment and fieldwork processes.

The Techniques

Mini Group Discussions (MGDs)
Each MGD consists of loyal customers and those considering competitive platforms.
In-Depth Interviews (IDIs)
Interviews with individuals using property portals or looking to buy a house within the next 6 months.

The Results

The study provided the client with crucial insights. Regarding platform optimization, the findings highlighted users' desire for more comprehensive property videos and virtual tours, as well as the need for an enhanced tool for comparing properties. As for market trends, the research uncovered a growing interest in co-living arrangements among the younger professional demographic. Additionally, it confirmed that location and price continue to be the primary factors influencing property selection decisions.