عنوان مقاله [English]
The formation of cycles of boom or recession and price fluctuations in the housing market affects the economy and households. Housing market trends are affected by the speculative demand and the experiences, attitudes, and expectations of actors, including intermediary investors. This paper explores the agents’ living experience and their perception of the intermediary investors in the housing market. The research is qualitative in terms of nature, exploratory in terms of approach, applied in terms of purpose, and cross-sectional in terms of time. Accordingly, by employing Strauss and Corbin’s ground theory approach, 20 of agents in the housing market in Mashhad were deeply interviewed. After coding scripts, 228 preliminary codes were obtained, and after several coding steps, 17 core categories were identified. Finally, based on selective coding, the central phenomenon namely “intermediary investors as professional speculators” was revealed. Results showed that the central identified idea is affected by a set of underlying conditions including the improvement of middlemen in metropolitan life, variety of land ownership and housing patterns in the metropolis of Mashhad, the pattern of welfare policy in Iran, and historical changes in investment in Iran. Interventional conditions include intermediary investor as an informed actor, awareness of rival markets, and occupation and age conditions. The causal conditions include multiplicity of density and experience, having enough capital, and favorable personality features. The social actors (intermediary investors), taking strategies such as collusion with the real estate agency, temporary role replacement, suspension of presence, and double presence, which lead to consequences, e.g. dependence on market flows, flexible position in the market, conflict with a social status challenge, and maximum profitability.