The latest edition of Aqarmap’s annual report for 2024, “The Real Estate Search Engine,” reveals that over 45% of high-income property buyers choose a developer based on their experience and ability to manage previous projects efficiently and effectively. Meanwhile, about 20% of buyers in this income group make their purchase decisions based on the construction progress of the project.
The report also shows that the majority of property buyers from middle-income and low-income classes tend to purchase based on the construction progress and development of the offered project. Additionally, 20% of these buyers select developers based on their experience and ability to manage past projects efficiently.
This study comes amidst the entry of many new and emerging real estate development companies into the market. Buyers perceive that many of these companies lack experience, have not previously developed any real estate projects, or have only modest experience in construction and real estate development. They do not possess sufficient expertise to build fully integrated real estate projects with a level of service that aligns with their offerings. Therefore, a developer’s experience and ability to deliver projects on time are considered the most crucial factors when selecting a real estate company.
The report also highlights that some buyers prefer to choose a developer based on their good reputation in the market. This is often done by visiting already occupied projects by the company and asking the residents about their opinions on the project and services. Additionally, buyers favor developers with strong financial backing and those who employ experienced engineering consultants and contractors.
The report reveals that marketing campaigns by real estate companies are not among the factors considered when choosing the right developer and project, despite many companies spending large sums on these campaigns.
The study conducted by Aqarmap is based on a comprehensive analysis of the real estate market and tracks the preferences of more than 2 million clients and visitors who browse the website monthly. These users are looking for properties to buy or rent. Over 300,000 properties listed by developers, marketers, and individuals were analyzed on the site. These statistics allow Aqarmap to prepare analytical studies on real estate preferences of various clients, gathering responses from more than 600 developers to Aqarmap’s various surveys.
