CREDAI-CBRE Report Finds Millennial Demand Drivers For Affordable Housing
National real estate body CREDAI’s Youth Wing in association with commercial real estate services and investment firm CBRE has come out with a report “The Youth Barometer” that finds millennials and youth as future demand drivers for affordable housing. Millennials, that form one-fourth of the total workforce in Asia Pacific are a prominent source of spending power.
The research report that polled over 5,000 millennials across Asia-Pacific including India highlights major trends created and driven by millennials.
The report says, Indian millennials are called the ‘Generation Rent’ as 68 per cent of them who don’t live with their parents choose to rent a place. A majority of millennials aim to buy a home. The findings reveal that about one-third of the respondents identify investment as the key driver for buying a property.
The report also finds that about 73 per cent of the respondents are unwilling to travel beyond 45 minutes to their workplace. Other findings show that 24 per cent of Indian millennials tend to save their earnings. In the next three years, 47 per cent of these millennials will increasingly shop online, while 20 per cent of them still prefer to shop at a physical retail store.
Also, 82 per cent of Indian millennials choose to live with their parents largely due to the cultural upbringing of Asian countries where parents house their children until they get married, the report states.
President, CREDAI National said, “We at CREDAI have always recognised the youth as the leaders of tomorrow. With this in mind, our dedicated Youth Wing has been working towards bringing together the next generation of real estate builders and developers. The Youth Barometer report states the growing impact that the youth will have on various sectors especially demand in real estate and further highlights the emerging trends that are being driven by them.
The trends indicate an imminent development in the affordable housing sector which works in favor of the PM’s determined aim of ‘Housing for All by 2022’ and we, along with our future leaders, aim to continue driving this momentum in the industry.”
Given that by 2020, 65 per cent of population will be under the age of 35, it is critical that we gain insights into the behavior of this population class. The Youth Barometer report tries to do just that – to understand the implications that this population set will have on different real estate classes like the demand. In two years, millennials will make up half of the global workforce. With such a large voice, millennials’ decisions about where they work, how they work and whom they work for will have lasting consequences for the global economy and for real estate.
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