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CHAPTER 1: INTRODUCTION Research objectives Reasons for choosing topics - Systematize the basic theoretical issues about the selling price of high-end apartments and The trend of population growth in big cities is increasing Demand for affordable housing is always scarce for the majority of residents More and more wealthy customers in society need factors affecting to the selling price of high-end apartments + Identify and select the most basic factors that affect to the selling price of apartment to upgrade the quality of accommodation Many businessmen from abroad to work and live building On that basis, building models and research hypotheses reflect the factors affecting in Vietnam need to choose a place with many facilities, beautiful environment, diverse to the selling price of apartment buildings in Hanoi city services and good social security such as high-end apartments High-end apartment building has many different uses; Combining between the purpose of living, entertainment, business and office with high density of use this type of multi-family high-rise housing meets the tastes and needs of enjoying the quality of life for rich customers - A freely developed market lacks state control; - There are no criteria to classify luxury apartments; - The selling price and service charge are too high, not commensurate with the quality; - Investors lack market information; -The selling price and administration and service fees are unreasonably high; + Measuring and assessing the influence of factors (independent variables) in the model on the selling price of high-end apartments (the dependent variable) + Determining the level and importance of each factor to the selling price of apartment buildings in Hanoi city + Clarifying the difference in the impact level of factors according to the specific characteristics of the customer segment + Proposing implied management solutions for real estate business investors in order to scientifically determine high-end apartment selling prices, in line with reality and achieve effective business goals Poor quality of condominium management and service provision; -The press published many unfavorable images for the project and investors; -State policy inconsistent, or changeable; -Does not locate the target customer segment; Research questions Question 1: Why is it necessary to study the factors affecting to the selling price of a highend apartment? Poor construction quality; electromechanical equipment - fire prevention and fighting Question 2: What major factors are the selling price of a high-end apartment building on the associated with the project which can easily fail; Rapid technical infrastructure overloaded ; Hanoi market? How important are those factors? - The investor is slow progress, does not hand over the pink book or red book to customers, Question 3: How does the degree and dimension of each factor affect to the selling price of a encroaching on the common living space of residents high-class apartment on the Hanoi real estate market? - Investors rate their own condominiums The market is disturbed in advertising, marketing, Question 4: How real estate investors need to develop a high-end apartment price PR so it is difficult to determine which projects are of approximate quality to the high-end strategy? apartment segment? many projects intentionally advertise false in order to deceive customers Object and scope of the study .Therefore, the topic "Factors affecting to the selling price of luxury apartments - a- Research object Research in Hanoi" is chosen as the subject of the doctoral thesis The thesis focuses on the factors affecting to the selling price of high-end apartments Research objectives and research questions b- Scope of research + Scope of content: 5.4 State agencies can refer to and adjust legal documents to promptly regulate and Factors affects to the selling price of luxury apartments In fact, the purpose of the effectively neutralize local defects in the real estate market in general and the high-end investor is to determine the reasonable selling price However, the dissertation uses the price survey method, so it can be considered as the perception (of the respondents) about the apartment segment in particular; Thesis structure selling price of luxury apartments when asked and interviewed The author only focuses on the group of factors associated with the apartment, including: / Characteristics of a high-end apartment (associated with physical variables of a The thesis is structured with chapters, as follows: Chapter 1: Introduction high-end apartment); / the location of the building and the location of the apartment Chapter 2: Research overview and theoretical basis of factors affecting the selling price of luxury apartments building; / Ambient; / Service quality (building management) and / Investor's brand Chapter 3: Research context and research methods + Scope of research: High-end apartment segment in Hanoi city + Range of time: Chapter 4: Research results on factors affecting the selling price of luxury apartments Chapter 5: Solutions and recommendations CHAPTER 2: OVERVIEW OF RESEARCH AND BASIS THEORY OF FACTORS AFFECTING TO Secondary data from 2010 to 2018, primary data to be collected in 2019 and solution to 2025 HIGH-CLASS APARTMENT PRICE Research process The research process of the thesis includes steps, preliminary and official research The 2.1 Research overview of prices and factors affecting to real estate prices author uses both qualitative research methods and quantitative research methods 2.1.1 Scientific works published abroad New contributions of the topic Scientific papers published abroad mainly focus on the following aspects: (i) price and valuation; (ii) behaviors' consumer buying behavior; (iii) values and factors affecting to The scientific research results of the thesis over the past years are useful documents property values, (iv) factors affecting to real estate and housing prices that can be used to refer to many subjects related to the real estate market in general and the high-end apartment segment in particular, such as: Price and valuation 5.1 Investors identify the majority of factors affecting the real estate market; to property Andreas, (2008) presents five factors that are hindering the implementation of a value; value to use; real estate prices in general and luxury apartment prices in particular; value-based pricing strategy Nigel & partners (2010) show that the need for managers to take a more strategic view of prices and test the possibility of price increases, especially in post- 5.2.Customers are aware of common defects from investors and objective factors affecting to the marginal price range when buying and quality of high-end apartments; So, there is a basis crisis situations Stephan & Andreas (2013) find a positive relationship between value-based pricing (not competitive pricing) and corporate performance to negotiate with investors about: / selling price; / product quality and / legal; Studies using Hedonic models such as Griliches (1971), Thibodeau and Malpezzi 5.3 Synthesize negative consequences causing losses to the Investor - Customers and State management agencies due to errors often from the investor (subjective) and from other objective factors; From there, limit the negative factors and increase the derivative values for high-end apartments; (1980) According to Malpezzi (2003), during the development process, the housing market is one of the widely used the model valuation of Hedonic ; because housing is a heterogeneous commodity; At the same time, consumers' demand is also different such as: an apartment includes many separate factors in terms of area, quality, finishing materials Hedonic method is commonly used because it estimates the value of the individual features that constitute the overall value of the whole apartment The house buying behavior of consumers The studies of Richards (1996), Gibler& Nelson (1998), Daly et al (2003), Tan (2011), Iman et al (2012), Rong (2013) mentioned the behavior of customers emotions, From the above research results, apartment selling price depends on basic groups of factors The first group includes: / the internal and external attributes of the house; / The second group is the quality of accompanying services; / The third group associated with the demographic variable 2.1.2 Overview of nationally published scientific works related to the topic perceptions, and practices related to asset value (policy makers, investors, speculators, buyers Previous studies (Nguyen Manh Hung et al (2009), Pham Van Binh (2013), Nguyen Quang and users) Thu et al (2013), Luc Manh Hien (2014), Le Van Binh (2017), Nguyen Tuan Anh) (2018)) Value and factors affecting to property value presented and analyzed the impact of factors on real estate prices such as: Area of the campus; Distance to city center; Number of floors of construction and location of houses on Value is the core of the economy and the concept of market value forms the main fronts or in alleys; ) quality of apartment construction and services, apartment management, basis of real estate valuation (Ozdileksa et al., 2002) According to Roulac (2007), effects of customer support policies, financial policies, physical variables, location variables, theoretically, the property value is determined by the utility Whereby people are paying for ambient variables, multiplier financial factors, non-financial factors But these studies still the right to use the property have certain limitations on the scope of research, research samples; theoretical research and Factors affecting to property value have been studied by many authors, such as: Olayinka et al (1997): Structural variables, project surroundings, community characteristics, empirical research to fully present, analyze and synthesize the factors that affect real estate prices location characteristics, characteristics environmental score, time characteristics; Adair et al (1996): external and internal factors, then grouped into four main groups including asset variables, distance variables, environmental variables and financial variables; Roulac (2007): The studies on the factors affectingto real estate prices are summarized in Table 2.5 2.1.3 Theoretical model and research problems solved in the thesis brand, beauty and utility; Lorenz et al (2011): Environmental value, social value, cultural The theoretical model is built on the research overview as follows: value, image value Qualitative Factors affecting to real estate and housing prices In addition to studies of individual factors affecting to real estate and housing prices (Greenberg &Crossney (2005), Ziet et al (2008), Hinkelman and Swidler (2008) ) many studies refer to the group of factors, typically: Ozdilek et al (2002) with main groups: Theoretical basis Draft scale Preliminary Quantification physical variables, environmental variables and location variables; Boris et al (2005) proposed a basic research model under Hedonic valuation model (HPM): social factors, physical factors, surrounding environment, real estate characteristics; Muhamad et al (2016) Cronbach Alpha Testing the research scale (Cronbach alpha + Total variable correlation) evaluated the properties of construction, location, and neighborhood that affect housing prices in Malaysia EFA Factor discovery analysis (EFA weight test, Explanatory variance, number of factors) Official scale and model adjustment Official quantification 2.2.1 Definition of real estate, luxury apartments & luxury apartments Based on the regulations and legal documents, the author said that: * Real estate is a type of property, including: land, houses and structures attached to the land; including properties associated with such houses and constructions; other assets attached to land or other assets as required by law 2.2.2 Definition of High-end condominiums and luxury apartments a / High-end apartment building is a high-rise building for mixed residential and service \ purposes; having investment rate of over 20 million VND / m2; have a high quality of life equivalent to 4-star hotels or more b/ High-end apartment building is a self-contained apartment owned by a rich customers, has the right to co-own multi-facilities of a high-end apartment 2.2.2 The concept and nature of the price category Smith (1776) and next to Ricacdo (1871) argued that: The price is a monetary expression of the value of the good The seller defines the price of a good and a service as the income the seller receives through transactions The price and value of the goods are closely related; price has a close relationship with the use value or the value of the good; prices and socioeconomic relations H1 Theoretical model is based on research overview 2.2.3 Property value and price characteristics From the research overview, the scale system of factors in the theoretical model is also built with the independent variables of 43 component attributes and component attributes of the Value is the core of the commodity The concept of market value forms the main basis for demographic factor (this factor proposed additions from theoretical models); The dependent real estate valuation (Ozdilek et al., 2002) Basically, the market value is calculated by the variable consists of component attributes market price of the most likely transaction The research problems solved in the thesis: The thesis mentioned and solved the problem still 2.2.4 Factors that influence prices left open (gaps) from previous research works The thesis inherits and develops theories Internal factors (Marketing goals, Marketing - mix; Production costs and other internal about the formation of real estate prices and the factors affecting to the selling price of luxury factors); External factors (Characteristics of the market and demand, the nature and structure apartments in the Hanoi real estate market; Research direction of this topic will contribute to of competition, and other external factors) supplementing previous studies that are left open - Through real estate value: The factors affecting to the price include: (Physical 2.2 Rationale for prices and factors affecting to real estate prices characteristics, Legal properties, Location of real estate ) In addition, factors belonging to investors also affect to property prices In particular, Smith (2010) emphasizes factors that influence price perception 2.3 Theories related to the research topic Among the theories related to the research topic, typically: Planning behavioral theory; Asset Strivingtarget Unit 2010 2015 Population in major cities Million (people) 26,45 36 Percentage of urbanization % of total population 28,72 39 Per capital / household Person/ household 3,8 3,4 Effect Theory and Quality Position Theory These theories are related to the factors affecting Average commercial floor area meter/person 19,0 28 Total number of apartments segments Million (units) 6,70 10,30 Total area of square meter of commercial floor Million meter 467,8 908 to the apartment selling price as well as some component attributes of the factors In addition, some theories about marketing, transmission information is also referenced in use CHAPTER 3: BACKGROUND AND RESEARCH METHODS Market supply: Real estate products (real estate) in Hanoi are divided into many different 3.1 Research background segments: residential real estate (apartment buildings, land plots, villas, individual houses); 3.1.1 Overview of real estate market in Hanoi in the period 2010-2018 Commercial real estate (office for lease, commercial center and retail space); Specialized real estate (industrial real estate) High-end apartments are the biggest backlog in the real estate Market demand is shown in Table 3.1 and Table 3.2 as follows market Supply in districts is quite diverse, but mainly concentrated in the mid-end segment Table 3.1: Demand for residential real estate in urban areas Real estate prices in Hanoi tend to increase with a large fluctuation range; Property prices also change cyclically and are strongly influenced by government policy and objective Table 3.2: Demand for housing in urban areas environment Estimated total housing unit demand (million units) Number of units to bereplaced (2% per year) (million units) 2009-2014 1,37 0,68 2,05 317,7 2014-2019 1,52 0,68 2,2 341 Period (year) Number of housingunits for new households (million units) Equivalent to floor area (million meter) 3.1.2 Multi-family housing development is concentrated in Ha Noi city The process of social development from collective housing to luxury apartments in Ha Noi has gone through the following stages: The period from 1954 to 1986 was the period of building a collective house made of wooden structures and simple prefab house After that, the first commercial apartment building was built in Ha Noi in 1987 was the 9-storey CT4B Building in Bac Linh Dam urban area Followed by a series of commercial apartments, resettlement apartments, cheap condominiums and new condominiums Indispensable trend of building high-rise condominium models in big cities such as Ha Noi and Ho Chi Minh City 3.1.3 Characteristics of some typical high-end apartment buildings in Ha Noi a- The highest selling price compared to commercial apartment segments; b- Full range of internal facilities and public services around; c- Quality of artificial landscape and classy living environment; d- Service quality and reputable building management unit; đ- The position and location of the apartment increases the living value and price; e- Customers in the segment with a lot of well-off money; 3.2 Research method and research model 3.2.1 Qualitative research methods The dependent variable (target variable): perception of the selling price of a high-end Qualitative research methods include: Research objectives and subjects; method of sampling apartment in Hanoi; and deliberately applied techniques to subjects participating in interviews and group Independent variable (factor variable): The group of internal factors belongs to real estate discussions Open questions on factors related to supply and demand related to the selling value (physical characteristics, location and position, surrounding environment ); Quality of price of apartments; Raising open questions related to observed variables of factors according condominium management services; Demographic characteristics to the opinions of interviewed subjects, comments on draft scale of the thesis ) Regulating variable (the factor associated with the investor): Characteristics of the investor 3.2.2 Quantitative research method (position and reputation in the market, investment and business capacity ) Research sample: Sampling the preliminary study taken according to the rule of Research theories: multiplication (Hoang Trong& Chu Nguyen Mong Ngoc, 2009) The questionnaires were sent to organizations and individuals (anonymous respondents) for investigation They are investors, owners, distribution floors, tenants, users, managers, building administrators and H1: The physical characteristics of a high-end apartment have an impact on the selling price of a high-end apartment (selling price is based on the area of meter) building management operators in Ha Noi They also have different perceptions and H2: The location of the apartment and the location of the building affect to the selling price assessments of high-end condominium prices of a high-end apartment Data analysis software SPSS 22.0 and AMOS with the tools: Descriptive statistics; H3: The surrounding environment affects to the selling price of a high-end apartment; Confidence testing of research concepts; exploratory factor analysis; Factors confirmatory H4: Service and management quality affects to the selling price of High-end apartment; analysis; Correlation analysis; Regression analysis and testing of research hypotheses H6: The investor's characteristics (position and reputation; finance, technology, management; 3.2.3 Qualitative research results marketing) affect to the selling price of a high-end apartment Proposed research model and research hypotheses: H7: High-end apartment's selling price factors have an interactive relationship Physical characteristics Scale development: The scales of the independent and dependent variables are developed (2nd scale): / The physical characteristics of the apartment include 10 component attributes; / The surrounding environment consists of 10 component attributes; / The Apartment's position & location Surroundings Quality of condominium management services Customer segmentation Factors affecting the selling price of luxury apartments location and position of the apartment include 10 component attributes; / Quality of apartment management services includes 10 component attributes; / Characteristics of the customer segment including component attributes; / The investor's characteristics include component attributes and the selling price of a luxury apartment includes component 115 can be used Results of preliminary assessment (table 4.1) of specific scales are as attributes follows: 3.2.3.4 Data processing Attributes (observed variable): VL10, VT5, MT1, MT2, MT9, CL3, CL6, NK1 and NK4 have the total variable correlation coefficients less than ( 0, 6, and at the same time, the describe collected data, testing the value of the variable by exploratory factor analysis method observed variables have the total variable correlation coefficient> 0.3, so they are eligible to EFA; assess the reliability of the scale by the Cronbach Alpha reliability coefficient; perform the next steps Thus, after doing preliminary quantitative research and evaluating the Verification of multivariate regression model and CFA confirmation factor analysis reliability of the scale from the data obtained, some scales have changed in the number of - The thesis studies the impact of independent variables and control variables on the selling price of luxury apartments Therefore, the author will analyze linear regression models: attributes (observed variables) compared to the scale Measurements have built up from qualitative research The scales with the remaining observed variables were re-encoded to include in official quantitative research (table 4.3) Model includes 05 independent variables and dependent variables Model includes 05 independent variables, 01 control variable and dependent variable 4.2 Official quantitative research results 4.2.1 Sample descriptive statistics Table 4.4: Characteristics of the research sample The multiple regression equation for the study is as follows: - Gender (male, female); GBCHCC (1) = β1 + β1*VT + β2*VL + β3*NK + β4*MT + β5*CL GBCHCC (2) = β1 + β2*VT + β3*VL + β4*NK + β5*MT + β6*CL + β7*DT Inside: GBCHCC: Selling price of luxury apartment - Age (from 18t-25; 26-30; 31-36; and over 36 years old - Average income: (under million /month; from 5-10 million; from 11 million-20 million; and over 20 million / month; VT: Location of the apartment and the location of the apartment - Education: Graduated from high school; College / professional high school graduate; VL: Physical characteristics of the apartment Graduate; Graduate graduate; and other MT: Ambient - Number of years participating in project management: less than years; over years, over CL: Service quality & apartment management years, over 10 years NK: Demographic characteristics The descriptive statistical results of the independent variables are presented in tables 4.5 to DT: Investor's characteristics 4.10 The results show that the constituent attributes of the factors are highly appreciated; β 1: Constant from 3.44 and up For example, for the factor “Demographic characteristics”: The ability of β2, β3, β4, β5, β6, β7 are the regression coefficients ε is the random error home buyers to respond and solve problems (income) is assessed to have the strongest impact CHAPTER 4: RESULTS OF THE RESEARCH ON FACTORS AFFECTING TO THE SALE PRICE OF A HIGH-CLASS APARTMENT 4.1 Preliminary quantitative study results From the scale that has been adjusted through qualitative research, the author performed a test investigation on a sample of 130 subjects to evaluate the reliability of the scale through Cronbach Alpha coefficients Of the 130 questionnaires collected, with an average score of 4,279 points; followed by Family Membership with 4,275 points; Age with 4.02 points; Education level with 3.93 points 4.2.3 Discovery factor analysis Table 4.11: KMO's test results, Bartlett's TestKMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy ,897 Bartlett's Test of Sphericity Approx Chi-Square 5.601,009 Df Sig 406 0,000 Cronbach Alpha coefficient = 0.835, and all observed variables have the total variable correlation coefficient> 0.3 Thus, this factor ensures reliability The dependent variable "Selling price of luxury apartment": The dependent variable "Selling price of a luxury apartment" includes observed variables, KMO coefficient = 0.897, satisfying the condition: 0.5