Research in property investment and real estate has traditionally been dominated by quantitative approaches, reflecting the discipline's close ties to finance and economics. While these methods have generated significant insights into pricing, returns and market dynamics, they are less equipped to capture the behavioural, institutional and social dimensions that increasingly shape real estate markets.
This special issue highlights the contribution of qualitative research in addressing these complexities.
Qualitative inquiry enables a deeper exploration of the meanings and contexts underpinning market activity. As Creswell and Poth (2018, p. 2) define, qualitative research seeks to “explore and understand the meaning individuals or groups ascribe to a social or human problem.” In real estate markets—where decision-making is influenced by perception, experience and institutional settings—such understanding is essential.
The importance of context is further emphasised by Flyvbjerg (2006, p. 223), who argues that “context-dependent knowledge … is more valuable than the vain search for predictive theories” in social science. Given the inherently local and heterogeneous nature of real estate markets, this insight is particularly relevant.
While quantitative approaches are effective in identifying patterns and relationships, they often struggle to explain why these patterns occur. Qualitative methods address this limitation by uncovering underlying processes and behaviours. As Yin (2018, p. 15) notes, case study research allows investigators to retain the “holistic and meaningful characteristics of real-life events,” which are central to understanding real estate practice.
Rather than positioning qualitative and quantitative approaches as alternatives, this special issue advocates methodological complementarity. Denzin and Lincoln (2018, p. 10) describe qualitative research as providing “interpretive, material practices that make the world visible,” offering insights that extend beyond what can be measured alone. Together, these approaches enable a more comprehensive and nuanced understanding of real estate phenomena.
The contributions in this issue illustrate the value of such approaches in examining emerging and complex challenges within real estate markets.
The paper by Altankhuyag and Kurzrock (2026) examines the rapidly evolving PropTech and IoT ecosystem in the context of smart buildings. Drawing on a multi-method qualitative design, the authors develop a business model taxonomy and demonstrate the importance of coordinated stakeholder engagement and proactive digital strategies in enabling sustainable, technology-driven real estate innovation.
The paper by Zekri et al. (2026) investigates participation in public–private partnership (PPP) infrastructure investment, using interview-based insights from New Zealand and Malaysia. It shows how institutional, political and market conditions shape decision-making and identifies practical strategies to strengthen engagement and improve partnership outcomes.
The paper by Villalba Munoz et al. (2026) explores climate adaptation decision-making among institutional real estate investors. Through interviews with senior managers, the study reveals how institutional pressures interact with legitimacy concerns and organisational priorities, often constraining meaningful action and framing adaptation primarily as risk management rather than systemic change.
The paper by Kasim et al. (2026) examines the adoption of valuation technology (VTech) in the property valuation profession. Using qualitative evidence from New Zealand, the study shows that resistance to innovation is driven less by technical limitations and more by institutional inertia, regulatory constraints and professional norms, highlighting the broader implications for market transparency and investor confidence.
The paper by Nkrumah et al. (2026) shifts focus to post-disaster building functionality by examining how office tenants in New Zealand perceive and respond to buildings following earthquake events. Using an interpretive qualitative approach, it demonstrates that functionality extends beyond structural performance to encompass organisational needs, workplace culture and evolving work practices, highlighting the importance of aligning physical assets with socio-cultural dynamics.
The paper by Liman et al. (2026) returns to valuation practice, exploring how collaboration among valuers can enhance decision-making quality. Drawing on interview data from commercial valuers in Auckland, the study identifies benefits across individual, process and outcome dimensions, including improved efficiency, reduced personal bias, broader evidence bases and more robust valuation outcomes. In particular, expert–novice collaboration is shown to provide complementary capabilities that strengthen judgement and reasoning. This contribution highlights the social and interactive nature of valuation practice, demonstrating how qualitative inquiry can uncover behavioural mechanisms that underpin professional expertise and decision quality.
Collectively, the papers in this special issue demonstrate the critical role of qualitative research in advancing real estate scholarship. By uncovering behaviours, institutional dynamics and contextual influences, these studies provide insights that extend beyond what can be captured through quantitative methods alone. At the same time, they reinforce the importance of methodological complementarity: a robust understanding of real estate requires both measurement and meaning as well as analysis and interpretation. Embracing this pluralism will be essential for addressing the complex, evolving challenges facing real estate markets and for strengthening the discipline's contribution to both theory and practice.
