An examination of Thai practitioners perceptions of risk assessment techniques in real estate development projects

Abstract

Owing to the existence of risks in real estate development projects, there is a need for risk assessment techniques that can be used to evaluate their impact. Using Thailand as a case study, this article examines the expectations of real estate practitioners regarding risk assessment techniques. It also examines their perception of risks caused by social, technological, environmental, economic and political factors. The article is based on an exploratory survey, and data were collected through questionnaires and interviews with representatives of Thai real estate development companies. Bivariate or correlatives tests were carried out. The study revealed that Thai practitioners are concerned with the impact of economic and political risks, and that there are no systematic risk assessment techniques to deal with their consequences. Therefore, risk assessment techniques need to be developed. This article proposes an analytical network process model that can be used to assess the impact of risks in the Thai real estate industry. © 2010 Macmillan Publishers Ltd.