Transcript
Page 1: Consumer Preferences in Real Estate Markets

Wissen wer wo wohnt

Identification of Consumer Preferences in Real Estate Markets Based on Environmental Variables

Source: OpenStreetMaps 2011

An Analysis of the Socio Economic Panel from the German Institute for Economic Research.

Page 2: Consumer Preferences in Real Estate Markets

Positioning

Targeting

CommunicationMedia planning

Distribution

CRM

Efficiency control

Strategy

Product development

Traditionalists

Consumption materialists

Hedonists

Experimentalists

15%

10%

10%

15%

4%

14%

12%

9%

11%

Middle class

DDR-Nostalgic

Conservative

Establishment

10%

Post materialistic

Modern performer

Page 3: Consumer Preferences in Real Estate Markets

?Similar or Diverse

Page 4: Consumer Preferences in Real Estate Markets

Sour

ce: S

INU

S 20

10

Sour

ce: S

INU

S 20

10

?Similar or Diverse

Page 5: Consumer Preferences in Real Estate Markets

Clinging on to Preserving

Tradition

Rooted in tradition

Modernized tradition

Having & Enjoying Being & ChangingModernisation & Individualization

Standard of living, status ownership

Self-Realization, emancipation, authenticity

Doing & experiencing Overcoming limitations

Re-orientation

Multiple options, acceleration, pragmatism

Exploring, refocusing, new

synthesizes

Low

er c

lass

Mid

dle

clas

sU

pper

cla

ss

Basic Values

Soci

al S

tatu

s

Source: Sinus-Institute, 2010

Traditionalists

Consumption materialists

Hedonists

Experimentalists

15%

10%

10%

15%

4%

14%

12%

9%

11%

Middle class

DDR-Nostalgic

Conservative

Establishment

10%

Post materialisticModern performer

Page 6: Consumer Preferences in Real Estate Markets

Elites Hedonistic MilieusEstablishment

Modern Performer

Consumption materialists

Hedonists

Status: High education, high income, two income household, in leading positions, 40-50 Y

Lifestyle:High quality products, brand awareness, participation in cultural and social life

Sour

ce: W

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016

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ce: W

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Interests:Theater, classical music, books, gardening

Status: Low income and education, often unemploy-ed, decline of circumstances, 50+ Y

Lifestyle:Present orientation, live beyond their means, prestige-oriented consumption

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ce: W

ahrz

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en, 2

016

Interests:Pop/Rock music, sporting events, TV/DVD

Status: Low education or students, singles, low income, often live off support < 30 Y

Lifestyle:Present orientation, spontaneous consum-ption, music, multimedia, unconventional

Interests:Go out, music, internet, sports, movies

Status: High education, higher income, many students, freelancer, start-ups, < 30 Y

Lifestyle:Postmodern urban lifestyle, trendsetter, un-conventional, young elite, high tech affinity

Interests:Entertaining, IT, books, music, trendy sports

Page 7: Consumer Preferences in Real Estate Markets

Different people - Different places

Sour

ce: S

tadt

Ess

enSo

urce

: Van

der

Meu

len

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ce: R

obin

Det

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: fas

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net,

2012

Page 8: Consumer Preferences in Real Estate Markets
Page 9: Consumer Preferences in Real Estate Markets

”“The social environment has a tendency to form the

physical space, more or less strictly, resulting in the form of the distributional arrangement of actors

and attributes. Therefore, all distinctions, according to the physical space, can be found in the

objectified social environment.

Pierre Bourdieu, 1991

Page 10: Consumer Preferences in Real Estate Markets
Page 11: Consumer Preferences in Real Estate Markets

Pub

Park

Bus stop

Page 12: Consumer Preferences in Real Estate Markets

Pub

Park

Bus stop

Page 13: Consumer Preferences in Real Estate Markets

Park

Page 14: Consumer Preferences in Real Estate Markets
Page 15: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be foundin the physical space.

Page 16: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be foundin the physical space.

2. A location can be described as a specificcombination of infrastructurecharacteristics.

Page 17: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be foundin the physical space.

2. A location can be described as a specificcombination of infrastructurecharacteristics.

3. Different milieus prefer differentneighborhoods.

Page 18: Consumer Preferences in Real Estate Markets

Sour

ce: M

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ister

.com

201

1

Page 19: Consumer Preferences in Real Estate Markets

20.00012.000

Sour

ce: M

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201

1

Page 20: Consumer Preferences in Real Estate Markets

11.1879.227

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1

Page 21: Consumer Preferences in Real Estate Markets

0%

4%

8%

12%

16%

11%

7%

11%

16%

6%

15%

5%

9%10%10%

ETB PMA PER KON TRA DDR BUM MAT HED EXP

Que

lle: S

INU

S 20

04

Milieu Distribution in Germany 2004

LEIT29%

TRADITION26%

MAIN27%

HEDOS18%

Page 22: Consumer Preferences in Real Estate Markets

0%

6%

12%

18%

5%9%10%

16%

6%

15%

6%9%

12%11%

ETB PMA PER KON TRA DDR BUM MAT HED EXP

ETB PMA PER KON TRA DDR BUM MAT HED EXP

Milieu Distribution SOEP

-6%

-3%

0%

3%

-6%

2%

-1%

0%0%0%1%

0%2%

1%

Differences SOEP vs. Germany

Page 23: Consumer Preferences in Real Estate Markets

ETB PMA PER KON TRA DDR BUM MAT HED EXP

-6%

-3%

0%

3%

-1%-2%

0%1%

-1%

1%0%0%

2%

0%

ETB PMA PER KON TRA DDR BUM MAT HED EXP

Differences Sample vs. SOEP

0%

6%

12%

18%

4%7%

10%

17%

5%

16%

6%9%

14%11%

Milieu Distribution Sample

Page 24: Consumer Preferences in Real Estate Markets

Store RestaurantBank

Family doctor

Day CarePrimary School

Youth Club

Elderly facilitiesPark Sport facilities

Bus stop Environmental pollution

CrimeForeigner

High School

Page 25: Consumer Preferences in Real Estate Markets

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Page 26: Consumer Preferences in Real Estate Markets

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Page 29: Consumer Preferences in Real Estate Markets

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Page 31: Consumer Preferences in Real Estate Markets

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Page 32: Consumer Preferences in Real Estate Markets

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Page 33: Consumer Preferences in Real Estate Markets

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Page 34: Consumer Preferences in Real Estate Markets

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Page 35: Consumer Preferences in Real Estate Markets

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Page 36: Consumer Preferences in Real Estate Markets

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Page 37: Consumer Preferences in Real Estate Markets

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Page 38: Consumer Preferences in Real Estate Markets

10 12 17 20 25 27 30 32 34 36 4 44 46 48 9

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Infrastructure characteristics

Selection of Respondence

Page 39: Consumer Preferences in Real Estate Markets

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Page 40: Consumer Preferences in Real Estate Markets

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Page 41: Consumer Preferences in Real Estate Markets

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Page 42: Consumer Preferences in Real Estate Markets

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Page 43: Consumer Preferences in Real Estate Markets

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Page 44: Consumer Preferences in Real Estate Markets

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Page 45: Consumer Preferences in Real Estate Markets

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Page 46: Consumer Preferences in Real Estate Markets

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Page 47: Consumer Preferences in Real Estate Markets

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Page 48: Consumer Preferences in Real Estate Markets

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Page 49: Consumer Preferences in Real Estate Markets

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Page 50: Consumer Preferences in Real Estate Markets

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Page 51: Consumer Preferences in Real Estate Markets

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Page 52: Consumer Preferences in Real Estate Markets

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Page 53: Consumer Preferences in Real Estate Markets

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Page 54: Consumer Preferences in Real Estate Markets

Person/Archetype Infrastructure/Archetyp

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Page 55: Consumer Preferences in Real Estate Markets

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−8 −6 −4 −2 0 2 4 6

−4−2

02

46

Dimension 9

Dim

ensi

on 6

Page 59: Consumer Preferences in Real Estate Markets

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−8 −6 −4 −2 0 2 4 6

−4−2

02

46

Dimension 9

Dim

ensi

on 6

Page 60: Consumer Preferences in Real Estate Markets

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Page 62: Consumer Preferences in Real Estate Markets

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−8 −6 −4 −2 0 2 4 6

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Dimension 9

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811

12

Facilities for Kids

Facilites for Teenager

Facilities for ElderlyParks

Sport facilities

Page 64: Consumer Preferences in Real Estate Markets

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−8 −6 −4 −2 0 2 4 6

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Dimension 9

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811

12

Facilities for Kids

Facilites for Teenager

Facilities for ElderlyParks

Sport facilities

Page 65: Consumer Preferences in Real Estate Markets

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Page 66: Consumer Preferences in Real Estate Markets

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Page 67: Consumer Preferences in Real Estate Markets

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Page 68: Consumer Preferences in Real Estate Markets

Dimension 6

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Page 69: Consumer Preferences in Real Estate Markets

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Page 70: Consumer Preferences in Real Estate Markets

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Page 71: Consumer Preferences in Real Estate Markets

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Page 72: Consumer Preferences in Real Estate Markets

!All business is local

Page 73: Consumer Preferences in Real Estate Markets
Page 74: Consumer Preferences in Real Estate Markets
Page 75: Consumer Preferences in Real Estate Markets
Page 76: Consumer Preferences in Real Estate Markets
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Page 78: Consumer Preferences in Real Estate Markets
Page 79: Consumer Preferences in Real Estate Markets
Page 80: Consumer Preferences in Real Estate Markets

-1

-1

-1

-1-1 -1

-1-11

11

1 1

1

Page 81: Consumer Preferences in Real Estate Markets

-1

-1

-1

-1-1 -1

-1-11

11

1 1

1

Page 82: Consumer Preferences in Real Estate Markets

-1

-1

-1

-1

-1-1

1

1

1

-2

-22 2

2

Page 83: Consumer Preferences in Real Estate Markets

-1

-1-1

1

-2

-22 2

2

-3

-3

-3

3

3

Page 84: Consumer Preferences in Real Estate Markets

-1 -1 -11 -2 -22 2 2-3 -3 -33 3Desired Neighborhood | abs(x) = 100 %

Page 85: Consumer Preferences in Real Estate Markets

-1 -1 -11 -2 -22 2 2-3 -3 -33 3

-1 1 -1 1 1 -1 1 -1 1 1 -1 1 1 1Given Neighborhood

Desired Neighborhood | abs(x) = 100 %

Page 86: Consumer Preferences in Real Estate Markets

-1 -1 -11 -2 -22 2 2-3 -3 -33 3

-1 1 -1 1 1 -1 1 -1 1 1 -1 1 1 1

3 -1 -1 2 2 1 3 3 -2 2 3 -1 3 -2

Given Neighborhood

Neighborhood fit

Desired Neighborhood | abs(x) = 100 %

Page 87: Consumer Preferences in Real Estate Markets

ETB PMA

PER KON

TRA DDR

BUM MAT

HED EXP

0.0250.0500.0750.1000.125

0.0250.0500.0750.1000.125

0.0250.0500.0750.1000.125

0.0250.0500.0750.1000.125

0.0250.0500.0750.1000.125

Fore

igne

r

No

envi

ronm

enta

l pol

lutio

n

Publ

ic tr

ansp

orta

tion

No

Crim

e

Faci

litie

s fo

r kid

s

Enou

gh g

reen

spa

ce

Pubs

/Res

taur

ants

Shop

s

Bank

s

Park

s

Doc

tors

Spor

t fac

ilitie

s

Faci

litie

s fo

r tee

nage

rs

Faci

litie

s fo

r eld

erly

Fore

igne

r

No

envi

ronm

enta

l pol

lutio

n

Publ

ic tr

ansp

orta

tion

No

Crim

e

Faci

litie

s fo

r kid

s

Enou

gh g

reen

spa

ce

Pubs

/Res

taur

ants

Shop

s

Bank

s

Park

s

Doc

tors

Spor

t fac

ilitie

s

Faci

litie

s fo

r tee

nage

rs

Faci

litie

s fo

r eld

erly

Page 88: Consumer Preferences in Real Estate Markets

Milieu

DDR: 23,33%

Fit

ETB: 16,67%PMA: -3,33%ETB: 23,33%

Traditional Milieus

KON: -23,33%TRA: -3,33%

Mainstream Milieus

BUM: 16,67%TRA: 11,54%

Hedonistic Milieus

HED: -19,23%TRA: 11,54%

Restaurant: YesBank: YesFamily Doctor:Park: YesSport facilities: NoPublic Transportation: YesFacility for Kids: YesFacility for Teenager: No

Infrastructure AvailableStore: Yes

ETB PMA PER KON TRA

DDR BUM MAT HED EXP

Social Leading Milieu

Yes

Page 89: Consumer Preferences in Real Estate Markets
Page 90: Consumer Preferences in Real Estate Markets

InitialSituation

Page 91: Consumer Preferences in Real Estate Markets

InitialSituation

Page 92: Consumer Preferences in Real Estate Markets

InitialSituation Input data

Page 93: Consumer Preferences in Real Estate Markets

Norma-lization

InitialSituation Input data

Page 94: Consumer Preferences in Real Estate Markets

Norma-lization SVDInitial

Situation Input data

Page 95: Consumer Preferences in Real Estate Markets

Norma-lization SVD Trans-

formationInitial

Situation Input data

Page 96: Consumer Preferences in Real Estate Markets

Norma-lization SVD Trans-

formationSignificance

HorizonInitial

Situation Input data

Page 97: Consumer Preferences in Real Estate Markets

Norma-lization SVD Trans-

formationSignificance

HorizonNeighbor-

hoodInitial

Situation Input data

Page 98: Consumer Preferences in Real Estate Markets

Norma-lization SVD Trans-

formationSignificance

HorizonNeighbor-

hoodPreference

mapInitial

Situation Input data

Page 99: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be found in the physical space.

2. A location can be described as a specific combination of infrastructure characteristics.

3. Different milieus prefer different neighborhoods.

Page 100: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be found in the physical space.

2. A location can be described as a specific combination of infrastructure characteristics.

3. Different milieus prefer different neighborhoods.

Page 101: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be found in the physical space.

2. A location can be described as a specific combination of infrastructure characteristics.

3. Different milieus prefer different neighborhoods.

✓✓

Page 102: Consumer Preferences in Real Estate Markets

1. Differences in the social space can be found in the physical space.

2. A location can be described as a specific combination of infrastructure characteristics.

3. Different milieus prefer different neighborhoods.

✓✓✓

Page 103: Consumer Preferences in Real Estate Markets

!Thank you

Page 104: Consumer Preferences in Real Estate Markets

Dominik P.H. KalischComputational Social Scientist

http://[email protected]

Dr.-Eng.

2002 2004 2007 2008 2009 2010 2011 20142012

Sociology, Education, PoliticsUniversity of Düsseldorf

Dr. Eng.Bauhaus-University Weimar

Dipl. Social Sciences (M. Sc.)University of Düsseldorf

Research AssociateDZA

Research AssociateIMIBE

Research FellowBauhaus-University Weimar

Head of Health and Infection ReportingState Office Brandenburg

Research ScientistFraunhofer Institute for Industrial Engineering IAO

Visiting Research FellowNorthwestern University

2015

Visiting Assistant ProfessorSchool of BusinessTrinity University

Visiting Assistant ProfessorShidler College of BusinessUniversity of Hawai’i at Manoa

Dipl. Social Education (M. Ed)University of Essen

DZA Deutsches Zentrum für Altersfragen


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