Conceptual modelling of construction and real estate crisis with emphasis on comparative qualitative aspects description

Abstract

Research shows that the material welfare and living standards of people have increased in the last decades, yet joie de vivre has not. Research also determines that friends, family, community, the purport of life, and long term goals, which are associated with values and lead to achievement of these values, make inhabitants of the Old Continent happier. The traditional analysis of construction and real estate crisis management is based on economic, legal, institutional, and political aspects. Social, cultural, ethical, psychological, religious, demographic, state of mind, educational and other aspects of crisis management receive less attention. Insufficiently analysed is also the impact of economic crisis on aggravation of social, cultural, ethical, psychological, demographic, state of mind, and other problems of society, which, in their turn, make negative impact on the economic crisis. These problems of society are, however, equally important as the economic crisis. In order to make integrated analysis of the lifecycle of construction and real estate crisis management, such cycle must be analysed as a complex using a thorough system of criteria. The authors have developed the Model for Construction and Real Estate Crisis Management, which includes six stages. Since the research analyses a huge branch of construction and real estate, the article will obviously not be able to cover all the research results. Therefore, the model is illustrated by describing its first stage.