Resumen de Approaches to Develop the Real Estate Industry for Senior Citizens to Achieve a Sustainable Success

Wirinnun Rungrotkankul, Jusana Techakana, Thanin Silpcharu

• Purpose:  The aim of this study is to examine the variable factor of the approaches to develop the real estate industry for senior citizens to achieve a sustainable success and develop a structural equation model.

    Theoretical framework:  The PESTEL analysis (K. Pair, 2018), is an assessment tool used to analyse external environmental factors that impact businesses and are beyond control. These include the political, economic, social, technological, environmental, and legal factors. Porter’s Five Forces (Porter, 2022) is an analytical framework used to assess the competitive forces and rivalry at play in an industry, as well as identifying the important factors in operating a business.

    Design/methodology/approach:  The mixed research methodology was employed by starting with qualitative research based on in-depth interviews with nine experts to create tools for quantitative research and conducting a group discussion with 11 experts to find a consensus on the model of this research.

    Findings: Develop from structural equation modelling indicated a good fit with the empirical data, exhibiting a chi-square probability of 0.106, a relative chi-square (normed chi-square) value of 1.114, a goodness of fit index of 0.956, and a root mean square error of approximation of 0.015.

  Research, Practical & Social implications:  Approaches to develop a sustainable real estate industry for senior citizens are explored in this research. A quantitative study is performed through surveys, using questionnaires which target 500 executives in the real estate industry for the elderly. Data analysis is performed using descriptive, inferential, and multivariate statistical methods.

    Originality/value: Results indicated that the four most significant factors to achieve sustainable success in real estate industry development for senior citizens, in order of descending priority, are: 1) opportunity development 2) project development 3) network development and 4) marketing communications development.