875 © 2024 Conscientia Beam. All Rights Reserved. Factors affecting the decision to choose a high-end apartment: Empirical evidence in Vietnam Huyen Thi Thanh Lam1+ Cham Thi Quynh Nguyen2 1,2Academy of Finance, 58 Le Van Hien, Duc Thang, Bac Tu Liem, Hanoi, Vietnam. 1Email: lamthanhhuyen@hvtc.edu.vn 2Email: nguyenquynhcham@hvtc.edu.vn (+ Corresponding author) ABSTRACT Article History Received: 2 May 2024 Revised: 20 August 2024 Accepted: 19 September 2024 Published: 8 October 2024 Keywords Amenites Apartment Factors affecting the decision Financial factors High-End apartments Lifestyle Quality of apartment Real-estate market Social environment. In recent years, high-end apartments have been chosen by an increasing more customers due to their advantageous features and consumer trends. Therefore, investigating the elements that influence the decision to select a luxury apartment is crucial in providing real estate companies with recommendations, concepts for new projects and strategies to draw in clients. This research analyzes the factors that influence the decision to choose a high-end apartment. This study is based on the psychological makeup and personal preferences influencing the standards for selecting a high-end apartment. The author used exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and second-order linear structural equation modeling (SEM) on the research sample surveyed in Hanoi, the capital of Vietnam. This research studied over 300 observations through quantitative analysis using SPSS software. The research results showed five groups of factors that positively impact the decision to choose a high-end apartment: (1) Lifestyle (2) quality of apartment 3) financial factors 4) social environment 5) amenity. This study also offers some suggestions to bring the supply and the demand of luxury apartments in Vietnam closer together thereby helping the Vietnamese real estate market develop sustainably. Contribution/Originality: The main contribution of this paper is to provide more empirical evidence on factors affecting the choice of high-end apartments which was carried out in Vietnam's capital, Hanoi. Additionally, this research offers some suggestions for expanding Vietnam's real estate industry generally and the high-end apartment sector in particular. 1. INTRODUCTION In recent times, many research projects have studied people's apartment choice behavior with different theses and theoretical models. Most of the research comes from the characteristics of apartments that affect people's decisions to choose an apartment. However, unlike normal goods, real estate has unique, regional characteristics and is influenced by psychological factors. Those differences require that the research direction should come from the characteristics and lifestyle of customers to find out the importance of the apartment selection criteria. This is a different direction from the research based on apartment characteristics. This approach comes from the psychological nature and preferences of each individual which affect the criteria for choosing an apartment. Apartments in general and high-end apartments in particular in Vietnam still have great potential especially in the context that investment in transportation infrastructure systems in expanded urban areas continues to be promoted, per capita income is increasing and foreign direct investment capital flows into Vietnam are strongly Humanities and Social Sciences Letters 2024 Vol. 12, No. 4, pp. 875-885 ISSN(e): 2312-4318 ISSN(p): 2312-5659 DOI: 10.18488/73.v12i4.3924 © 2024 Conscientia Beam. All Rights Reserved. https://orcid.org/0009-0002-1985-8990 https://orcid.org/0009-0007-7897-4066 mailto:lamthanhhuyen@hvtc.edu.vn mailto:nguyenquynhcham@hvtc.edu.vn https://www.doi.org/10.18488/73.v12i4.3924 Humanities and Social Sciences Letters, 2024, 12(4): 875-885 876 © 2024 Conscientia Beam. All Rights Reserved. increasing. This has drawn various experts, engineers and high-quality employees into Vietnam and there is a great demand for living space especially high-end living space. The largest percentage of the market's supply and transaction structure is made up of mid- and high-end apartment supply and sales. This is the most attractive segment due to its stable growth. According to the report of the Ministry of Construction, the average primary selling price of high-end apartments reached 50 million Vietnamese dong/m2, increasing 10 - 15% per year. In this study, the author chose the research context as Hanoi Capital, a cultural, political and economic center of Vietnam. Hanoi is the city where the scale of residential land and housing areas has changed the most in Vietnam in the past two decades. The land areas reserved for the development of urban areas in general and the development of apartment building systems in particular have changed significantly. With the above characteristics, the research on determining criteria for choosing high-end apartments applies not only to Hanoi but also to other big cities in Vietnam. Research on the factors that influence the decision to choose a high-end apartment provides real estate businesses with suggestions and ideas to develop projects as well as policies to attract customer concerns especially in the context of the depression in the Vietnamese real estate market state. This study is divided into four sections in addition to the introduction. In section 2, research hypotheses are presented and prior investigations are discussed. The research model and research data are described in section 3. The discussion and empirical data are presented in section 4 and section 5 offers the study's overall conclusion. 2. THEORETICAL BACKGROUND AND RESEARCH HYPOTHESES The theoretical foundation for the consumer behavior model was provided by Kotler and Keller (2005) in their research of marketing management. Kotler and Keller (2005) specifically stated that there are five steps involved in a consumer's purchasing decision-making process: identify needs, seek information, evaluate alternatives, purchase decisions and attitudes after purchase. Additionally, customers are always influenced by both internal and external influences while making judgments about what to buy for themselves or their family. The previous research on apartment selection decisions comes from general housing selection criteria. Therefore, this research on factors affecting the choices of high-end apartments is also based on research on choosing a place to live and choosing an apartment. In general, the factors affecting the decision to choose a high- end apartment include both objective and subjective factors. Some main factors can be mentioned as follows: • Amenities: According to Fierro, Fullerton, and Donjuan-Callejo (2009), the criteria for choosing apartments are associated with external amenities including the city center area, main streets, schools and kindergartens, medical centers and hospitals, shopping malls, sports areas, libraries, social activity centers and churches. Research by Li (2011) showed that the criteria for choosing an apartment are transportation system, educational facilities, health care, feeling of safety and type of apartment in which the upper class attaches more importance to transportation networks and regional infrastructure. Therefore, the following hypothesis is proposed: H1: Amenities have a positive impact on the decision to choose a high-end apartment. • Social Environment: The living environment surrounding the residence is referred to as the living space, the surrounding social environment including the environment outside and inside the apartment (Ekeland, Heckman, & Nesheim, 2004; Spetic, Kozak, & Cohen, 2005). Research on community attachment and housing choices in Hong Kong (Li, 2011) showed that the criteria of community environment and safety determine the residents' attachment to their place of residence at a high level. Li (2011) research on housing choices of the middle class in Shanghai also showed that "neighbors" is an important variable in housing choices. One thing that makes people who live in apartments want to remain there longer and enjoy their apartment more is the sense of community that comes with living there. Therefore, the following hypothesis is proposed: Humanities and Social Sciences Letters, 2024, 12(4): 875-885 877 © 2024 Conscientia Beam. All Rights Reserved. H2: The social environment has a positive impact on the decision to choose a high-end apartment. • Lifestyle: Lifestyle is one of the popular groups of factors used to explain consumer behavior when demographic characteristics are insufficient (Plummer, 1974). Lifestyle research based on habits, attitudes, family, and preferences related to product choices has shown the relationship between lifestyle and consumer behavior (Harcar & Kaynak, 2008). In this study, applying indicators to survey Activities, Interests and Opinions (AIO) consumer behavior (Lazer, 1963; Wells & Tigert, 1971) based on the lifestyle group in housing sector research by Bell (1968), Lee, Carucci Goss, and Beamish (2007) and Kwon, Lee, and Beamish (2016) the author plans to research three lifestyle groups that influence the criteria for choosing high-end apartments as follows: Extroverted lifestyle (ET), Health- oriented lifestyle (HT) and Independent lifestyle (IL). Therefore, the following hypothesis is proposed: H3: Lifestyle has a positive impact on the decision to choose a high-end apartment. • Financial Factor: Buying things is based on finances which is a crucial component in determining the buyer's apartment's financial soundness. But according to studies by Daly, Gronow, Jenkins, and Plimmer (2003) and Adair, Berry, and McGreal (1996) the financial element also covers things like the potential to flatten mortgage interest rates. Previous studies by Robert and Alhassan (2010) and Yongzhou (2009) defined financial position with regard to purchasing a home as the sum of the home's price, mortgage loans, income and conditions of repayment. In other words, this definition takes into account the availability of mortgages, terms of sale, cost of the home, property assessment value, potential for rapid appreciation and waiting period (Haddad, Judeh, & Haddad, 2011). Surprisingly, a number of earlier research discovered that buyers' decisions about houses are significantly influenced by a home's financial situation (Adair et al., 1996; Daly et al., 2003). The research conducted in Malaysia by Razak, Ibrahim, Hoo, Osman, and Alias (2013) verified that financial factors particularly home pricing significantly impact the inclination to buy a home. Therefore, the following hypothesis is proposed: H4: Financial factors have a positive impact on the decision to choose a high-end apartment. • Quality of Apartment: Huu Phe and Wakely (2000) believed that apartment quality includes measurable physical characteristics such as floor area, number of bathrooms, number of floors, etc. In addition, indicators of product quality can be taken into account such as durability and compatibility with an existing construction technology. Morris and Winter (1978) reported that housing quality is a criterion in choosing a place to live. Beamish, Carucci Goss, and Emmel (2001) also believed that housing quality is one of six criteria (ownership, space, structural style, quality, neighborhood and cost) essential in deciding on the choice of housing. Hoang Thi (2011) researched housing preferences of young households using the preference statement method in Hanoi, Vietnam. Analysis results showed that households are especially interested in the commitment of the developers and the basic quality of the apartment. Therefore, the following hypothesis is proposed: H5: The quality of the apartment has a positive impact on the decision to choose a high-end apartment. 3. RESEARCH MODEL AND DATA We suggest a proposed model based on the theoretical background and overview of the research situation in the world and in the country: Figure 1 proposes the research model. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 878 © 2024 Conscientia Beam. All Rights Reserved. Figure 1. Propose model. In this study, based on theoretical background, the research team used a survey consisting of 40 questions using a 5-level Likert scale to show the importance of the following factors affecting intention to buy an apartment including: 1 It is not important at all. 2) Not important. 3) Normal. 4) Important. 5) Very important. We employed multistage data collection. The first stage involved a literature review on concepts related to behavior, intention to buy an apartment and factors affecting shopping behaviors. A questionnaire survey and interview questions were formulated based on the outcome of the literature review and the opinion of experts. Next, we use questionnaires with experts’ consultation related to real estate and inventors. Finally, the questionnaires were sent online to investors and people who owned or wanted to have apartments in Hanoi city. The study gathers approximately 350 responses. After removing blank or missing questionnaires, the study has 307 valid observations. Table 1. Profile of respondent. Items Frequency Percent Gender Male 201 65.5 Female 106 34.5 Total 307 100 Education Post-graduate 61 19.9 Bachelor's degree 225 73.3 Colleague 8 2.6 Intermediate degree 7 2.3 High school 6 2 Job Civil servant 138 45 Office staff 64 21 Business 94 30.7 Other 11 3.3 According to Table 1, it shows that out of a total of 307 people surveyed, the number of surveys with male respondents was 201 accounting for 64.5% of the total survey votes. By profession, the research group is civil servants and public employees accounting for the largest proportion of 45% (138 people), other occupational groups account for 3%. 4. EMPIRICAL RESULTS AND DISCUSSION 4.1. Empirical Results 4.1.1. Evaluate the Reliability of the Scale We use Cronbach’s alpha to test correlation among items. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 879 © 2024 Conscientia Beam. All Rights Reserved. Table 2. Test reliability of the scale. Item-total statistics Items Scale mean if item deleted Scale variance if item deleted Corrected item-total correlation Cronbach's alpha if item deleted Cronbach's alpha AM 0.936 AM1 12.94 18.601 0.856 0.918 AM2 13.20 21.192 0.804 0.926 AM3 12.98 21.006 0.832 0.921 AM4 12.89 21.197 0.840 0.920 AM5 12.79 19.821 0.835 0.920 FF 0.935 FF1 15.22 8.979 0.775 0.931 FF2 15.32 9.289 0.810 0.924 FF3 15.28 8.777 0.876 0.911 FF4 15.23 8.964 0.862 0.914 FF5 15.41 9.171 0.820 0.922 DC 0.935 DC1 14.34 10.755 0.874 0.911 DC2 14.39 11.016 0.846 0.917 DC3 14.63 11.842 0.764 0.932 DC4 14.45 11.379 0.847 0.917 DC5 14.33 10.861 0.811 0.924 SE 0.903 SE1 14.78 10.225 0.540 0.925 SE2 14.60 9.150 0.806 0.873 SE3 14.49 8.872 0.820 0.868 SE4 14.60 8.332 0.829 0.866 SE5 14.57 8.841 0.813 0.870 QA 0.878 QA1 13.92 10.957 0.783 0.835 QA2 14.12 11.280 0.668 0.862 QA3 13.85 10.879 0.749 0.843 QA4 14.19 11.533 0.659 0.864 QA5 14.10 11.085 0.695 0.856 HT 0.921 HT1 11.61 11.166 0.822 0.898 HT2 11.67 11.424 0.769 0.908 HT3 11.22 11.491 0.721 0.918 HT4 11.48 10.852 0.838 0.895 HT5 11.40 10.895 0.829 0.896 ET 0.895 ET1 14.92 8.607 0.758 0.869 ET2 15.04 8.590 0.737 0.874 ET3 14.95 8.586 0.778 0.865 ET4 15.00 8.784 0.731 0.875 ET5 14.95 8.965 0.708 0.880 IL 0.874 IL1 15.34 7.023 0.722 0.842 IL2 15.51 7.074 0.728 0.840 IL3 15.32 7.343 0.748 0.837 IL4 15.57 7.174 0.707 0.845 IL5 15.50 7.434 0.610 0.869 Table 2 shows that 40 variables have Cronbach’s alpha greater than 0.6 and corrected item- total correlation not lower than 0.3 so they ensure reliability and are suitable for research. 4.1.2. Exploratory Factor Analysis (EFA) This study uses principal axis factoring extraction and the Promax rotation method in exploratory factor analysis to determine the number of factors in group questionnaires. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 880 © 2024 Conscientia Beam. All Rights Reserved. Table 3. KMO and Bartlett’s test. KMO and Bartlett's test Kaiser-Meyer-Olkin measure of sampling adequacy. 0.844 Bartlett's test of sphericity Approx. chi-square 10558.454 Df 780 Sig. 0.000 Table 3 has a KMO coefficient of 0.844 greater than 0.5 and the level of significance of 0.000 smaller than 0.05. Total variance explained result shows that eigenvalues of eight factors greater than 1 and total variance extracted are 69.72%. It means 8 factors explain 69.72% of data variation of 40 research variables. After removing variables that have factor loading less than o.4 obtained the rotation matrix in Table 4. Table 4. Rotated factor matrixa Items Factor 1 2 3 4 5 6 7 8 FN3 0.877 FN4 0.840 FN5 0.816 FN2 0.741 FN1 0.697 UT1 0.892 UT2 0.845 UT4 0.841 UT3 0.829 UT5 0.826 HT4 0.878 HT5 0.867 HT1 0.861 HT2 0.807 HT3 0.759 SC4 0.820 SC5 0.812 SC2 0.789 SC3 0.784 SC1 0.587 ET1 0.800 ET3 0.726 ET5 0.720 ET2 0.707 ET4 0.650 IBA4 0.778 IBA1 0.759 IBA3 0.700 IBA2 0.669 IBA5 0.643 QA1 0.853 QA3 0.804 QA5 0.738 QA2 0.713 QA4 0.689 DE3 0.793 DE4 0.783 DE2 0.781 DE1 0.712 DE5 0.609 Extraction method: Principal axis factoring. Rotation method: Varimax with Kaiser normalization. Note: a. The rotation converged in 7 iterations. The process of exploratory factor analysis for 40 observed variables all had factor loadings greater than 0.4, converging and distinguishing into 8 factors. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 881 © 2024 Conscientia Beam. All Rights Reserved. Table 5. Model fit indicators after analyzing CFA Indicators Value Required value Chi-square/df 2.278 ≤ 3 CFI (Comparative fix index) 0.913 ≥ 0.9 RMSEA (Root mean square errors of approximation) 0.065 < 0.08 GFI (Goodness of fix index) 0.807 ≥ 0.8 P – value (probability value) 0 < 0.05 TLI (Tucker–Lewis index) 0.903 ≥ 0.9 4.1.3. Confirmatory Factor Analysis (CFA) Before EFA, we run CFA and get results in Table 5. This table shows that the CFA model is suitable for the data. Specifically, the CFA model fit indices satisfy all conditions: The critical scale model has 702 degrees of freedom, the chi-square statistical value is 1599.08, chi-square/df = 2.278 (< 3), CFI = 0.913 (≥ 0.9), RMSEA = 0.065 (≤ 0.08), P- value = 0.000 (<0.05), TLI = 0.903 (≥ 0.9) (Hair, Black, Babin, & Anderson, 2010; Hu & Bentler, 1999). The indicator GFI = 0.807 < 0.9 alone is not satisfied. However, according to Baumgartner and Homburg (1996) and Doll, Xia, and Torkzadeh (1994) the minimum value of GFI is 0.8 which is still accepted. 4.1.4. The results of Testing the Research Hypothesis using the SEM Model The second-order linear structural model analysis method was used to test the research model obtaining the results in Figure 2 and Table 6. Figure 2. Result of SEM model. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 882 © 2024 Conscientia Beam. All Rights Reserved. Table 6. Result if analyzing SEM. Scale Coefficient Standardized coefficient S.E. C.R. P Results of testing the research hypothesis AM -> DC 0.084 0.098 0.027 2.868 0.004 Support the research hypothesis. QA -> DC 0.35 0.345 0.039 2.095 0.036 Support the research hypothesis. LS -> DC 0.66 0.275 0.139 4.776 *** Support the research hypothesis. SE -> DC 0.096 0.132 0.047 4.628 *** Support the research hypothesis. FF -> DC 0.239 0.25 0.053 5.917 *** Support the research hypothesis. Source: Results of the author's group. *** p < 0.01. Table 6 shows 5 groups of factors that positively impact the decision to choose an apartment and are suitable with the initial hypothesis. According to Table 6, there is an SEM model with unstandardized estimated coefficients. The factors proposed in the study are all statistically significant (P value < 5%, 10%). 4.2. Discussion The estimated standardized regression coefficients of the factors LS, QA, FF, SE, AM are 0.66, 0.35, 0.239, 0.096 and 0.084. It can be seen that all 5 factors affect the decision to choose an apartment in order of importance: (1) Life style. (2) Apartment of quality. (3) Financial factors. (4) Social environment. (5) Amenity. The impact of each factor is analyzed specifically as follows: 4.2.1. Lifestyle (LS) This is the factor that has the most impact on the decision to choose a high-end apartment with a standardized regression coefficient of 0.66. This result aligns with the authors' proposed hypothesis and a study by Harcar and Kaynak (2008). Lifestyle represents each individual’s characteristics, thereby determining their criteria for choosing a high-end apartment. Higher income means people care more about their health and satisfying personal preferences. This leads to making decisions about choosing high-end apartments in different areas such as areas far from the center but close to nature where there are busy and bustling areas. Therefore, some developers are also seeking to satisfy customer groups with high incomes, meeting the new cultural living standards of young people who like to live according to new cultural values not only in the fashion, car or resort industries but also in the real estate sector. 4.2.2. Quality of Apartment (QA) Besides lifestyle, apartment quality is the second most important factor in choosing a high-end apartment. The research findings align with the authors' proposed hypothesis and a study by Morris and Winter (1978) and Beamish et al. (2001). Most customers who buy luxury ones want to own a space that is not only beautiful but also comfortable. When considering this factor, consumers will consider aspects such as many trees, natural light, no noise pollution, classic or luxurious or modern style, besides factors such as design, interior of the apartment, number of rooms, direction, parking service number of fire escapes. A high-quality apartment represents the safety of it and helps buyers feel secure in choosing an apartment. Therefore, real estate developers need to pay attention to the quality and luxury of a building. In particular, a luxury real estate project needs to have a sophisticated, unique, impressive and even symbolic design to not only honor the caste of the owner but also bear the mark of indigenous culture. Humanities and Social Sciences Letters, 2024, 12(4): 875-885 883 © 2024 Conscientia Beam. All Rights Reserved. 4.2.3. Financial Factor (FF) Financial factors also affect the decision to choose a high- class apartment. This result aligns with the authors' proposed hypothesis and a study by Razak et al. (2013). Financial costs are reflected in the apartment price, service costs and financial services related to the apartment. In addition, when choosing an apartment, customers have to pay monthly expenses such as service fees, parking, etc. Therefore, when considering choosing an apartment, buyers need to consider financial factors. However, finance is not the most important factor to be considered when making the decision to buy a high- class apartment for customers with high income. According to the Ministry of Construction of Vietnam, in the fourth quarter of 2023, according to data compiled from local reports and survey and assessment information from market research organizations, apartment prices continue to increase in Hanoi and Ho Chi Minh City especially in the central areas. In particular, the selling price of high- class apartments is over 50 million VND/m2, popularly at 60-70 million VND/m2 (source). Therefore, real estate businesses need to research market segmentation to develop apartment types with quality and selling prices suitable to the purchasing power of each customer group. Businesses also need to find ways to reduce the cost of high-end apartments to improve competitiveness in addition to increasing apartment quality. 4.2.4. Social Environment (SE) The social environment is related to the living environment around the apartment, community environment, neighbors and area security. This factor is one of the important criteria in choosing a high-end apartment. The research findings align with the authors' proposed hypothesis and a study by Li (2011). Nowadays, high-end real estate developers are tending to create a community of upper-class residents with the same needs, similar class, the same sophisticated aesthetic taste and the same cultural and knowledge. These similarities help residents feel comfortable with their neighbors, easily communicate and support each other in work and life. 4.2.5. Amenities (AM) This is the final factor affecting the decision to choose a high-end apartment. The results of this research align with the authors' proposed hypothesis and a study by Li (2011). Amenities are measured by convenience in transportation, healthcare and education. The subjects in the research sample are customers with high and relatively stable income, owning personal means of transportation. So being near the center and hospitals are factors that strongly impact the decision to buy an apartment but are not the main factor when choosing a luxury apartment for them. This poses a challenge for businesses or developers when choosing location. They need to consider whether the investment location is close to the above services. If not, it is necessary to create a multi-purpose complex that satisfies all aspects of consumers' needs. If developers ensure good amenities for residents, this is the most vivid evidence to convince customers when intending to buy a high-end apartment. 5. CONCLUSION It cannot be denied that apartments play an important role in urban development, providing effective housing solutions for increasingly crowded and developed urban areas. In particular, choosing and owning high-end apartments is becoming a trend for many customers especially young people. This research studied over 300 observations in the capital Hanoi, the political, economic, cultural and social center of Vietnam through quantitative analysis using SPSS software. The research results showed that lifestyle, quality of apartments, financial factors, social environment and amenities positively impact the decision to choose a high-end apartment. In Humanities and Social Sciences Letters, 2024, 12(4): 875-885 884 © 2024 Conscientia Beam. All Rights Reserved. addition, this study also provides some recommendations on developing high-end apartment segments in particular and the real estate market of Vietnam in general. Funding: This study received no specific financial support. Institutional Review Board Statement: The Ethical Committee of the Academy of Finance, Vietnam has granted approval for this study on 10 October 2023 (Ref. No. 307/2023/QLKH-HVTC). 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