Effects of Technological Revolution on Housing Buying Behavior in Bangkok

Abstract

Purpose: To study factors affecting attitudes and house-buying behavior caused by disruption of property technology. Theoretical framework: A study on the disruption of technology affecting house-buying behavior in Bangkok consists of theories and concepts: Consumer Behavior, Decision-making Process, and Technology Acceptance. This study employed conceptual frameworks: components of PropTech (Technology, Consumer Behavior, and Real Estate) and Complementary Relationships. Methodology: This study classified property technology into three main groups: Construction Technology, Technology in Property Trading, and Residential Technology. After the data were obtained from the survey through the Google Form, the data were processed and analyzed and the hypothesis was tested through the SPSS and Market Structure Analysis was performed by SWOT Analysis. Findings: The findings revealed that disruption of technology affected house-buying behavior and property business development in a supportive form in terms of satisfaction with the use of PropTech and the tendency for technology acceptance was greater among the population due to the changing social structure and lifestyle, resulting in convenience for more efficient time management and the ability to control expenses and costs which is also a key factor driving the trend in the use of more technology in the future. Research, Practical & Social Implications: The study pointed out that technology benefited property in a supportive way. On the other hand, it indicated that technology is just one factor that affects buying decisions in Bangkok. It is not the main factor as compared to price since PropTech has still not fully involved in the property industry. Originality: The full technological disruption may affect the property business model in the future in terms of production, sales, and after-sales services. Therefore, for property developers, it is necessary to update on whether technology can continue to revolutionize the property industry.