⚠ Apartments Aren't Really DifferentiatedModerate threat

There is a hard ceiling on how much quality and goodwill can do, and it is the nature of the product: an apartment is, in the end, a fairly standardized thing, and most buyers choose primarily on location, price, and layout rather than on which reputable developer built it. Repeat-buyer loyalty is weaker than in almost any consumer business, because people buy a home a handful of times in a lifetime, years apart, and shop each time on the merits of the specific flats available then. Dom cannot count on the recurring, habitual custom that anchors a brand like Apple or Coca-Cola; it must win most buyers afresh, on the specifics of the project, against rivals offering comparable homes. Quality is a tie-breaker and a reputation-preserver, not a lock on the customer — and the market prices it accordingly, at around eleven times earnings¹.