Behavioral determinants of Generation Z’s purchase intention toward leasehold condominiums in Bangkok: implications for urban housing affordability

Purpose This study aims to examine leasehold condominiums as an accessibility-oriented housing pathway for Bangkok’s Generation Z, testing if consumers trade perpetual rights for lower pricing and prime-location utility despite finite-tenure anxiety. Design/methodology/approach Using survey data from 308 Thai Gen Z consumers, covariance-based structural equation modeling (CB-SEM) compares a baseline theory of planned behavior model against an extended framework incorporating Perceived Value and Time-based Risk. Findings The extended model (R² = 0.746) reveals distinct tenure-specific mechanisms. Perceived Value is the dominant positive driver, reinforced by Subjective Norms, while Time-based Risk acts as a significant psychological constraint. Robustness checks confirm this core value-risk mechanism. Research limitations/implications The cross-sectional design limits causal inference. Future research should use longitudinal designs and expand across different cities and market segments, as focusing solely on Bangkok’s Gen Z constrains generalizability. Practical implications Developers must emphasize concrete, immediate utility (location, transit, lifestyle) over merely lower entry prices. Transparent communication of lease terms is crucial to manage expiry anxiety, while marketing should target family reference groups to enhance social acceptance. Originality/value Addressing Thailand’s tenure puzzle where prime leaseholds target premium segments rather than mass affordability, this research provides novel empirical evidence. It demonstrates that Gen Z evaluates leaseholds as a “priced access” decision, where location utility outweighs expiration concerns when the value proposition is credible.