Millennials, aged 25 to 35, have shown a keen interest in buying luxury homes, especially in upscale locations in metro cities, especially in the NCR region.
After the pandemic, luxury real estate has become a popular favorite among new and young home buyers. According to the recent trends observed in the home buying patterns of real estate buyers, there has been an upward movement in the number of millennials buying luxury homes lately. Millennials, aged 25 to 35, have shown a keen interest in buying luxury homes, especially in upscale locations in metro cities, especially in the NCR region.
The millennials are tech-savvy, value the good life, high-income people who have a penchant for a luxurious blend of grand home designs and modern amenities. We are also witnessing a change of mindset from splitting real estate investments in different locations, to opting for a good one-time investment that ensures a lifetime of luxury and settlement.
After the devastating pandemic that shook the world, millennials are looking for green and eco-friendly luxury real estate. The serious health crisis facing people has awakened a sense of responsibility and awareness in them to seek out and live in an environment full of greenery and natural beautification. They also tend to pay more for homes that meet ESG standards and invest in green luxury real estate properties.
The exposure of the world and the outdoor environment, mapped with opulence and extravagant atmosphere, has instilled a sense of lifestyle upgrade in modern buyers. The house-hunting plans tick all the boxes thematically inherent in luxury real estate projects. The tendency towards the best world-class amenities, facilities, features and architectural layouts is exemplified in luxury apartments, which is why they are increasingly opting for the luxury segment.
India is most empowered by young individuals and millennials who are slowly approaching their late twenties or early thirties, a time when people are ready to buy houses and look for permanent residence. Usually, the dream house in millennials is not substandard or tacky, they want to invest some of their savings in buying a dream house that matches the level of their desires. Therefore, they look for luxury homes with a comfortable lifestyle, where they can relax and have a great time.
Many millennials across the country are currently working in a Work-From-Home model, turning their homes into workstations. When choosing a luxury home, the study or office also becomes a decisive factor, because they no longer settle for a conventional bedroom arrangement. As a result, the demand for luxury homes with integrated workspace has increased.
There is a rising millennial population planning to settle in luxury properties in suburbs, away from city noise and pandemonium. They want to settle in luxurious homes where tranquility, peace and serenity reign. The alarming levels of air pollution, noise pollution and water pollution are evident in the major cities, which is why they are looking for homes outside of it.
Millennials also place a high value on privacy and security. As they search for luxury real estate, they also navigate the level of security and privacy the home offers. In a world of competition, it has become very important for them to guard their privacy so that they can keep their professional and private lives separate.
These are some of the factors driving millennials’ choices when they look for luxury real estate. There is seemingly a clarity of thought and this is directly reflected among millennials as well. Perhaps this is why they tend to prefer high quality homes over other options.
(By Navdeep Sardana, CMD, Elite Landbase)
This post Investing in luxury real estate: next step for millennials? was original published at “https://www.financialexpress.com/money/investing-in-luxury-real-estate-next-move-of-millennials/2461328/”