This thesis aims to investigate how real estate companies strategically adapt to varying housing market conditions, with a particular focus on municipalities experiencing housing shortages versus those facing surpluses. The housing market is influenced by factors such as population growth, local demand, zoning regulations, and construction costs. This study explores how these factors shape the strategic decisions of real estate companies, particularly regarding profitability, sustainability, and social value.

The study is based on a qualitative research method using semi-structured interviews conducted with representatives from six real estate companies: HFAB, Willhem, Fastighetsstaden, Ljungbybostäder, Smefast, and Konab Fastigheter. By collecting empirical data from both municipal and private actors, the study provides a multifaceted perspective on strategic adaptation in different local contexts.

The results show that housing shortages lead to strategies focused on new construction and targeted housing solutions, while surpluses shift the focus to property management and vacancy reduction. The findings also highlight how ownership structure, cooperation with local governments, and sustainability efforts influence the design and implementation of strategies.

In conclusion, the study finds that real estate companies with strong local anchoring, adaptive capacity, and an integrated sustainability approach are best positioned to achieve long-term profitability and contribute positively to society.