Millennials want to be property owners and have secure career paths.
‘Asia Pacific Millennials: Shaping the Future of Real Estate’, a recent report released by real estate firm CBRE has identified trends of millennials that the property world should take note of.
Namely millennials in Asia Pacific are keen to own their own home. This is in spite of rising property values, and despite this, they are not willing to compromise on location, quality or even layout. Something that developers should consider for future residential schemes in order to remain competitive in the market.
When questioned about their current living situation, 63 percent of respondents said that they have been forced to rent whilst waiting to climb on the property ladder. This has increased the numbers in generation rent, the term coined as a response to the increasing number of renters, however, 65 percent have said that they are planning to purchase property in the future.
Steve Swerdlow, chief executive officer at CBRE Asia Pacific commented, “The millennial demographic in Asia Pacific is a game-changer for businesses across the board. Their live, work and play priorities and habits will shape economics, redefine opinions on workplace design and functionality, and drive new attitudes towards consumption and experience for the foreseeable future.”
Aside from home life, millennials still strive for career stability even though some would argue that this generation appear to have a more carefree approach as a result of them changing roles on a regular basis. But the actual workplace itself is of utmost concern. Millennials are willing to trade in other benefits in order to achieve the perfect working environment and companies are advised to adapt accordingly to attract and maintain talent.
