Risk assessment in real estate development: an application of analytic network process

Sukulpat Khumpaisal, Zhen Chen

    Research output: Contribution to journalArticle

    Abstract

    A novel analysis approach to support real estate developers in making decision to deal with potential
    risks in each project development stage is introduced in this paper. The analysis model applied in this research
    is a multi-criteria approach, based on Analytic Network Process (ANP) theory. Risk assessment criteria to
    accomplish the ANP calculation are defined based on both literature review and related experience, against
    Social, Technological, Economic, Environmental and Political (STEEP) requirements of the real estate development
    in order to assess the risks in this business effectively. A case study of a residential and commercial
    mixed-use project in Liverpool City Centre was used to demonstrate the effectiveness of the ANP model. The
    result of an initial case study revealed that ANP is an effective tool to support developers in making decision
    based on risks assessment. It was found through this study that the established ANP model is effective and can
    be adopted by real estate developers to suit for the business needs.
    Original languageEnglish
    Pages (from-to)103-116
    Number of pages14
    JournalJournal of Architecture/Planning Research and Studies
    Volume7
    Issue number1
    Publication statusPublished - 2010

    Keywords

    • Risk assessment
    • Real estate
    • Sustainable construction

    Fingerprint Dive into the research topics of 'Risk assessment in real estate development: an application of analytic network process'. Together they form a unique fingerprint.

  • Cite this