Last Updated on August 21, 2024
In the world of luxury real estate, millennials are changing the game by demanding tech-friendly, green homes situated in the best cities. They want wellness features, custom interiors, and so it is changing the market. Explore how these trends are redefining upscale living.
Even the luxury real estate market is being redefined by the millennials and their peculiar buying habits and lifestyles, the face of high end properties are changing. This generation is so concerned with a lifestyle that fits their morals and ideals that it has become a demand for housing that supplies hi-tech amenities, and ecofriendly living.
A peek at how millennials are redefining luxury real estate and what they desire in their dream home.
Smart Living Spaces
The millennials, or as some call the digital natives, grew up with the ability to touch technology and they love their smartappliances and automated systems, so the design and selling points of homes are now changing.
Many home buyers are also finding that smart home features like automatic lights, temperature control, security systems, and voice-activated assistants are necessities in their real estate.
In this day and age a technologically advanced home is no longer a luxury, but a way of life that makes each and every day that much easier and more efficient through the use of connectivity and modernity that frankly suits their millennial lifestyles perfectly.
Sustainable and Eco-Friendly Living
Being green does not mean the end to being glamorous anymore, or at least not for millennials, who are managing to combine the two.
This blend appeals to the values of the generation y and provides them with a living experience on a higher level, with all the amenities. It is a combination of their environmental consciousness and their upscale lives, providing them with the wellness perks as well as the beauty factor.
With smart technologies, recycled/sustainable building materials, and water-saving fixtures they can not only reduce their carbon footprint but also get to reap the benefits of long-term financial savings.
Minimalist and Functional Design
It seems that many of the millennials are drawn to minimalistic design and utilitarian spaces, which may be an indication of their sense of aesthetics and practicality.
That’s because they like clean lines, open layouts that utilize space to its full potential, multifunctional furniture options, built-ins and hidden storage that reflect their love of simplicity and streamlined living.
For them luxury living is not only an apartment but a lifestyle that flows into their fast paced life without breaking the natural order of things.
Prime Locations with Urban Amenities
Location is paramount for millennial buyers. They place a high value on prime locations that offer easy access to urban amenities and seek neighborhoods that provide a vibrant and contemporary lifestyle with convenient access to shopping, dining, entertainment, and cultural experiences.
They are also near work places, bus stops, and rec centers, all of which contribute to a better life. All of which add up to a life style that combines luxury with convenience, which is exactly what they crave, comfort and contactability.
High-quality and Customizable Interiors
The new affluent consumer (which is the millennial) is not about the number of things it’s about the quality of things and they also want houses that can change and adapt to their lives. They all want the best finishes, the most modern fixtures, and the most flexible floor plans so they can change it to their own style.
Beautiful interiors not only provide a sense of beauty, but also a sense of ownership and individuality. With so many customizable options available, millennials are able to make their living spaces reflect their own personal styles, which explains why these types of features are so desirable in today’s real estate world.
Wellness-Oriented Amenities
While for the baby boomers health and wellness amenities in luxury properties are just another trend, for the millennials it is a lifestyle.
They are drawn to homes that offer facilities such as state-of-the-art fitness centers, yoga studios, spa-like bathrooms, and outdoor spaces designed for relaxation and mindfulness. It makes their life so much better and it also coincides with their beliefs of taking care of oneself and being green.
However, fast forward to the millennial generation and real estate developers are going crazy with wellness features and amenities because millennials aren’t just looking for an apartment or condo to live in, but a place that will provide a balanced, enriching experience.
Outdoor Living Spaces
Everything dealing with luxury real estate, open air living spaces are a must have among millennials. They seem to be attracted to the places with nice indoor/outdoor flow.
Big decks, private patios, exterior kitchens, top floor lounge areas, these things are all a major factor in what they choose because of the versatility of the space for leisure, parties, or entertaining.
They want everything right at their fingertips, they want to be able to sit at home and never have to leave their property to be entertained or to have fun.
Investment Potential
It’s not only about the glamor but the return of investment too, we’re taking about luxury real estate. Why is it that more and more millennials are attracted to real estate that appreciates.
They kind of invest in things that encompass their life style but also bring a return on investment, real estate in cool places or with some kind of unique quality to it that will continue to attract the target market. They are also looking at investment properties that will bring in rental income, be it short term vacation rentals or long term leases.
Community & Social Spaces
Luxury for millennials goes beyond the home itself; it emphasizes community living and often includes features such as social spaces, communal areas, and facilities that foster a sense of belonging and connection.
Millennials love developments that encourage a healthy, active lifestyle with fitness centers, co-working spaces, and community gardens. Of course, places that are also close to cool restaurants and clubs and cultural centers that appeal to them are a plus.
They seem to gravitate towards the projects that include communities of their kind, sustainability, diversity, inclusivity.
Seamless Buying Experience
When it comes to their dream home, Millennials are very worried about the real shopping experience. They want the entire process from the initial touch to the actual purchase to be an easy one, and catered to them.
It is high-touch service with personal one on one consultations, virtual tours, and 3d immersions that cater to each property.
It should be effortless and accessible yet at the same time combine that ease of access with very sophisticated, customer oriented interactions.
The largest group of homebuyers right now are the millennials and their concept of luxury living will define the future of real estate. It will attract more not only in real estate but it will also ensure longevity in the very competitive upscale world.
- This article was written by Nishka Choraria, Vice President of Marketing at Crest Ventures Limited, for Gamana News.