Luxury real estate has emerged as a favorite among new and young home buyers after the pandemic. According to the recent trends observed in the home buying patterns of real estate buyers, there is an upward swing in the number of millennials (age group 25-35 years old) who are buying luxury homes in recent times. Millennials are tech savvy, value luxury living, and high-income individuals who have a penchant for creating a luxurious array of luxury home designs and state-of-the-art amenities. The market is also witnessing a change of mindset from dividing the real estate investment in several locations to choosing a good one time investment that guarantees luxury and stability for life.
Millennials are notorious for commitment shyness around the world. The characteristic that was most evident in the preferences of real estate investment. Until a few years ago, millennials weren’t in a rush to buy homes – professing their eternal love for their on-the-go lifestyles, chasing jobs all over the world. But the pandemic has now struck with blows for good, and millennials are now racing ahead, buying millions of dollars in homes around the world.
Reasons why millennials choose luxury housing
The pandemic has emphasized the value of living in a healthy environment. The shift in the luxury real estate market is affected by more than just the choice of communities. As a generation, millennials tend to be better educated, make better earnings and inherit more than people in the past. All this makes a demographic group with strong purchasing power and invest their assets in more efficient and energy efficient luxury homes.
The exposure to the world and the surroundings, with its luxury and extravagant ambiance, has created a sense of lifestyle upgrade among modern buyers. Home search plans tick all the boxes that are intrinsic to luxury real estate projects. The desire for the best amenities, facilities, features and world-class architectural layouts is evident in the luxury apartments, which is why they are increasingly choosing the luxury sector.
Features Attracting Millennials To Luxury Housing
The need for more parking spaces has remained an issue in Mumbai due to the population density, especially in key locations. This has prompted distinguished developers to offer innovative solutions to their future residents. From multi-level car parks to additional parking towers, the next 3-4 years will see a rise in salable space versus available parking. Advanced technology is being explored to create stilts and more parking space. With planned redevelopment in full swing across the western suburbs and other key locations in the city, major players are giving increasing impetus to parking facilities as this has turned into an important new age amenity.
Today’s indispensable amenities: a small green space
The move toward incorporating more outdoor spaces into luxury buildings was underway before the pandemic. But life in lockdown mode made it a necessity. There will be a major shift in what is considered luxury, and buying any luxury real estate without outdoor space will be unacceptable. The developers are working along the same lines, moving beyond the transverse deck or penthouse balcony to install community gardens and farms that weave from street to rooftop.
Redesigned spaces and advanced amenities
Remodeled kitchen, bathrooms or any other designated space within an apartment is common but when it comes to personal space or entertainment it is a little different now. Buyer demographics and expectations of their property have evolved as a result of the new normal. Amenities, upcoming projects or buildings with larger outdoor spaces; Private spaces, or shared spaces that work for homebuyers in a city like Mumbai today are becoming more and more advanced with the advancement of technology.
smart home technology
When time is limited, and life hangs in screaming for balance, work-life balancing technology comes to the rescue. Several developments have been launched such as smart mirrors that keep track of your daily schedule in the midst of the hustle and bustle of work. On top of that, home automation systems give the owner complete control over everything, from temperature control to entertainment systems. Not only that, but Wi-Fi enabled cameras help keep you logged in in today’s high-tech homes. These are some of the features that will provide you the convenience and ease of living at the touch of a button or with a single click.
Emergence of green building concepts
The interest of most luxury home buyers in environmentally friendly initiatives and green buildings has increased. The use of natural resources such as light, land and wind in the development of sustainable homes that aim to reduce carbon emissions contribute to reducing the energy and heating consumed by the owner over time. Green buildings have become an industry standard for environmental protection since its inception. Energy-saving technologies are installed in all new developments. Air purification, lighting, heat control, greenhouse monitoring systems, humidity control sensors, and many more tools are used to make your home greener. Modern homes are equipped with energy-saving appliances as well as rainwater harvesting and management procedures, resulting in reduced greenhouse gas emissions.
International design and decoration
Real estate developers innovate with stunning designs and fascinate buyers from all over the world. The definition of luxury varies from person to person, people have unique aspirations and ideas in terms of their home décor, taste and goals. By the influence of international lifestyle standards and interior styles, contemporary penthouses and villas, are highly under user demand in this luxury residential sector.
Safety and security
Luxury homes are more than just living in comfort, they are about living in complete safety. Safety has become a key aspect, thus the electronic monitoring and 24 hour monitoring facilities are offered by this luxury luxury project.
There is a growing number of millennials who are planning to settle in luxury properties in the suburbs. They want to settle in luxurious homes of calm, tranquility and serenity. Millennials also value privacy and security highly. These are some of the factors that guide their choices when looking for luxury properties. There seems to be clarity of thought and its direct expression among them. Perhaps this is why they are willing to choose quality homes over other options.
The opinions expressed above are those of the author.
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