This research explores the impact of the global pandemic caused by COVID-19 on customer expectations in the North Cyprus real estate market. In this context, researchers have tried to reveal the effect of COVID-19 on home buyers and investors’ expectations and the real estate sector’s strategies to meet customers’ expectations. A qualitative research method was used. In total, 12 different real estate offices operating in Northern Cyprus’s real estate sector were selected using the convenience sampling technique. An in-depth interview was conducted to gain insights from real estate experts. For this purpose, the researchers developed ten original open-ended questions. According to the research results, the COVID-19 outbreak has significantly affected the real estate business positively and negatively. At the beginning of the COVID-19 pandemic, companies in the industry suffered from isolation, which resulted in business closures, particularly during the curfew. As a result, businesses adopted new strategies, such as online and digital transactions, and put more effort into digital marketing to reach and convert their target audience. This was especially essential for real estate and construction companies targeting foreign home buyers and investors. The research results revealed changes in buyers’ and investors’ behaviour, preferences, needs and expectations during the pandemic.

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Effect of Changing Customer Expectations on the Real Estate Industry during the COVID-19 Pandemic

  • Gunay Sadikoglu,
  • Bamidele Charles Olaiya,
  • Salim Akyurek

摘要

This research explores the impact of the global pandemic caused by COVID-19 on customer expectations in the North Cyprus real estate market. In this context, researchers have tried to reveal the effect of COVID-19 on home buyers and investors’ expectations and the real estate sector’s strategies to meet customers’ expectations. A qualitative research method was used. In total, 12 different real estate offices operating in Northern Cyprus’s real estate sector were selected using the convenience sampling technique. An in-depth interview was conducted to gain insights from real estate experts. For this purpose, the researchers developed ten original open-ended questions. According to the research results, the COVID-19 outbreak has significantly affected the real estate business positively and negatively. At the beginning of the COVID-19 pandemic, companies in the industry suffered from isolation, which resulted in business closures, particularly during the curfew. As a result, businesses adopted new strategies, such as online and digital transactions, and put more effort into digital marketing to reach and convert their target audience. This was especially essential for real estate and construction companies targeting foreign home buyers and investors. The research results revealed changes in buyers’ and investors’ behaviour, preferences, needs and expectations during the pandemic.