Real estate markets play an essential role in the economic development of both developed and developing countries. Investment decisions in private real estate demand the consideration of several qualitative and quantitative criteria. Especially in Vietnam, demand for housing, apartments are rising which has resulted because of the migration from rural to urban areas. This study aims to determine the influencing factors of the real estate purchasing behavior and then recommend a grey Multi-Criteria Decision Making (MCDM) support model to evaluate real estate alternatives based on a numerical example in Vietnam. A set of essential criteria are identified based on experts’ opinion, and the proposed determinants are initial investment, maintenance cost, prestige location, distance to interesting places, parking lot, public transportation, property condition, total area size, number of rooms, and neighbors. The subjective weights were obtained by using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) model, and the Grey Relational Analysis (GRA) technique is employed to prioritize and rank real estate alternatives. The results reveal that this approach can be useful to make purchasing decisions for many kinds of real estate property under uncertain business environments. These findings indicate that the presented hybrid model has advantages in granting flexibility to the preferences of decision makers.

Abstract
1. Introduction
2. Proposed Criteria
3. Methodology
    3.1. DEMATEL
    3.2. GRA
4. Empirical Results and Discussion
    4.1. Criteria Weighting by DEMATEL
    4.2. GRA Based on DEMATEL Weights
5. Conclusions
References

• Phi-Hung NGUYEN(PhD Researcher, SAB Lab, Faculty of Business, FPT University, Hanoi, Vietnam) Corresponding Author
• Jung-Fa TSAI(Department of Business Management, National Taipei University of Technology, Taipei, Taiwan.)
• Thanh-Tam NGUYEN(Faculty of Business, FPT University, Hanoi, Vietnam.)
• Thi-Giang NGUYEN(Faculty of Business, FPT University, Hanoi, Vietnam.)
• Dang-Duong VU(Faculty of Business, FPT University, Hanoi, Vietnam.)