ABSTRACT
This chapter discusses the importance of market research, emphasises why it always needs to be incorporated in every project and explains how it can assist the success rate of property developers. Market research is critical at all times but more so in a market downturn. Conducting thorough market research has the potential to make or break a successful property development. Market research itself is a specific discipline and its importance cannot be under-estimated in the property development process. Building upon this discussion, the next stage is to model the relationship between land use and geographic location to determine which sector of the real estate market should be the subject of the market research. The overall market value of a proposed property development is largely determined by its competitive position in the market and the interaction of supply and demand levels. The balance between demand and supply should be reflected in current real estate market conditions, especially in current rental information.
