It’s all about the millennials now. They’re the ones leading startups, creating positive change in the workplace, and the ones with buying power. In the US, about half of millennials reported that they are seriously considering buying a home for two reasons: for themselves and for investment.
The Philippines appears to be following the same trend. If you look at online reviews about Lancaster New City, you’ll see that more young adults are interested in viewing and buying real estate. Since millennials consider themselves financially literate, they’re looking at making substantial investments early.
Here are three things they’re looking for in a property:
Proximity to Work
Millennials are independent, and a lot of them are currently renting a condo or apartment with friends. Of course, they wouldn’t want to be renters forever. Given access to government or bank financing, millennials would look for actual properties to buy which are near their place of work.
Round-the-clock access to reliable public transport and roads are top considerations in real estate locations. Those who don’t drive will likely rely on UV Express vans, buses, jeepneys and even tricycles, so these transport options must be available.
As young people, this market segment is given long-term loans by financial institutions. As such, they’re keen on buying good pieces of real estate. They look for developments which have the things they want, and not just what they need. Swimming pools, gyms, tennis courts, a clubhouse, gardens, and playgrounds are some of the amenities they look for.
Safety and security are also a prime consideration. Apart from 24-hour security, the young buyers want to know that the area is flood-free and isn’t near a fault line. While flooding may already be a way of life for Filipinos, they try to avoid being placed in that predicament as much as possible.
Millennials, being cautious, will be interested in adding security features to their homes, such as CCTV cameras, deadbolts, and alarm systems.
The real estate industry has a lot to gain by tapping into the millennial market. These career-driven and focused individuals know that the value of real estate appreciates over time, and they are willing to start investing now. If you’re a broker or an agent, make sure you offer them properties that have the above features in place.