Luxury real estate has emerged as a hot favourite among the new and young home buyers post-pandemic. As per the recent trends discerned in the home buying patterns of property buyers, there is an upward swing in the number of millennials purchasing luxury homes in recent times. Millennials, falling under the age bracket of 25 to 35 years, have shown huge interest in buying luxury homes, more so at posh locations in metro cities, especially in the NCR region.
The millennials are tech-savvy, appreciative of fine living, high-income individuals who have a predilection for a luxe concoction of grandeur house designs and modern facilities. We are also witnessing change of mindset from splitting property investment at several locations, to opting for a good one time investment that assures lifetime luxury and settlement.
After the ruinous pandemic that shook the whole world, millennials are looking for green and environmental-friendly luxury real estate properties. The severe health crisis faced by people has generated a sense of responsibility and consciousness among them to search for and live in an environment filled with greenery and natural beautification. They are also inclined to pay more for properties complying to ESG norms and are investing in green luxury real estate housing projects.
The exposure of the world and outer surroundings, mapped with opulence and extravagant atmosphere, has imbued a feeling of lifestyle upgrade among modern buyers. The house hunting plans tick all the boxes that are thematically intrinsic to luxury real estate projects. The proclivity for best and world-class amenities, facilities, features and architectural layouts are exemplified in luxurious flats, which is why they are increasingly choosing the luxury segment.
India has the highest strength of young individuals and millennials who are slowly approaching their late 20s and early 30s, a time when people are willing to buy homes and look for a permanent residence. Usually, with millennials, the dream house is not substandard or tawdry, they want to invest a chunk of their savings in buying a dream house that matches the level of their desires. Consequently, they look for luxury homes offering comfortable lifestyle, where they can relax and have a great time.
Many millennials, across the nation, are currently working in a Work-From-Home model, turning their homes into work stations. While selecting a luxury house, the study room or a work room also becomes a deciding factor, because they are no longer content with a conventional bedroom set-up. Hence the demand has risen for luxury homes with integrated workroom.
There is a rising millennial population that is planning to settle in luxury properties in suburbs, away from city noise and pandemonium. They want to settle in luxury homes where there is quietude, peace, and serenity. The alarming levels of air pollution, noise and water pollution is evident in the big cities and that is why they are looking for houses away from this.
Millennials also have a high value for privacy and security. While scouting for luxury real estate properties, they are also navigating the degrees of security and privacy the home provides. In a world of competitive streak, it has become very important for them to guard their privacy so they can keep their professional and private lives separate.
These are some of the factors that are guiding the choices of millennials when they are looking for luxury real estate properties. There is seemingly a clarity of thought and also expressing it directly among millennials. Perhaps, this is the reason why they are disposed to choose high-quality homes over other options.
Source : Financial Express
