Property stigma factor in residential overhang: Real estate players’ perspectives
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Abstract
The current overhang problem in residential properties and serviced apartments originates from their excessive supply in 2016. There are many factors that contribute to property overhang. One of the factors is property stigma. Property stigma is a negative element that influences homebuyers’ decisions. This study explored the perspectives of real estate players towards property stigma in the residential overhang. A qualitative method was used on seven participants participating in this study, including registered valuers, probationary valuers and probationary estate agents with more than seven years of experience in the property industry. Interviews were conducted and digitally audio recorded. The data was analysed using a six-step thematic analysis. A total of three main themes emerged from the data, which were (1) physical stigma: former land use, building or natural disaster area, (2) non-physical stigma: neighbourhood, environmental pollution and distance and (3) psychological stigma: supernatural or paranormal and ethnic belief. This study emphasises the existence of property stigma in residential overhang. This is a crucial subject matter for policymakers and property professionals, as improving property market transactions in Malaysia is critical to eliminating residential overhang.
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