Superstitions and Residential Property Buyer Decision Making in Sri Lanka

Abstract

The purpose of this study is to identify the influence of superstitious beliefs on the residential property buyer’s decision-making in Sri Lanka. Despite plethora of research devoted to study superstitious beliefs affecting residential property prices, limited studies are available discussing the effects of superstitious beliefs on the entire buyer decision-making process. Besides, no studies are dedicated to discuss the issue pertaining to the Sri Lankan residential market. Rooted to Vastu, Almanac, and Islamic discipline, superstitious beliefs on the residential property exist in Sri Lanka. These superstitious beliefs, on the whole, concentrate on the design, shape, alignment, size, location, and structure of residential properties. Superstitious beliefs of buyers become a factor affecting their problem recognition, an insight for the information search, a criterion for evaluation of alternatives, a critical factor to make a purchase or purchase intention decision, and measurement of satisfaction of the residential property purchased. These findings are based on in-depth interviews with twenty (20) residential and community experts and thirty (30) residential buyers. John Dewey's five-stage buyer decision-making process is employed as a theoretical framework for data analysis. This examination provides useful insights on the behavioural aspect of the residential market in Sri Lanka for its market actors including real estate developers, agents, businesses, and real estate planners.