RISK MANAGEMENT IN REAL ESTATE SECTOR DURING AN ECONOMIC RECESSION IN CHONBURI PROVINCE
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Abstract
This research aimed to: (1) examine the risk factors affecting the real estate sector during an economic recession in Chonburi Province; (2) analyze risk management practices among real estate entrepreneurs during an economic recession in Chonburi Province; and
(3) propose appropriate risk management approaches for real estate entrepreneurs during an economic recession in Chonburi Province. The study employed a qualitative research approach. The key informants consisted of 21 participants, including real estate entrepreneurs, government officials, representatives of the Chonburi Real Estate Association, and public administration scholars, who were selected through purposive sampling. The research instrument was a semi-structured interview. Data were analyzed using descriptive analysis.
The findings revealed that: (1) the key risk factors affecting the real estate sector during an economic recession in Chonburi Province comprised financial, market, legal and policy, and economic-environmental risks; (2) risk management practices among real estate developers included cost control, liquidity enhancement, diversification of funding sources, adjustment of products and pricing to align with market demand, personnel development, participatory risk management, and the application of technology and data analytics for decision-making; and (3) appropriate risk management guidelines emphasized improving public access to credit, restructuring projects, prioritizing low-risk markets, maintaining liquidity through prudent financial planning, adapting marketing strategies to economic conditions, continuously monitoring market trends, reviewing risk management measures, and strengthening organizational image and credibility.
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