Asia Pacific Millennials and the Future of Real Estate
- December 19, 2016
- Haris & Associates
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While two out of three Asia Pacific millennials living on their own are renting a property, the survey found that many in fact aspire to own their own home
Millennials comprise 25% of the workforce in Asia Pacific, represent the fastest growing source of spending power regionally and serve as the most influential demographic framing future trends in real estate through their lifestyle behaviour, requirements and priorities.
CBRE Research asked 5,000 millennials across the region about their live, work and play ambitions.
The result – Asia Pacific’s most comprehensive study into the economic contribution and lifestyle priorities of this emerging superclass.
Key takeaways include:
• Millennials will continue to LIVE with family until they have the financial means to live independently. Home ownership is a priority, but not at the expense of quality of life.
• Millennials seek WORK that provides them with inspiration, responsibility and career progression. Increasingly, they value office space design in career choices.
• Millennials like to PLAY. Experiences such as travel, entertainment and dining are lifestyle priorities, shopping is not digital-only.
To Asia Pacific millennials, locations such as apartments, offices and shopping malls are more than just destinations to live, work and play. Occupiers and landlords should take stock or lose share of wallet.
At a time in their lives when most young adults are striving for greater freedom and independence, around half of millennials globally still live in the family home.
This phenomenon is even more prevalent in Asia Pacific, where almost two-thirds of the region’s young adults are still living with their parents.
There is a common perception that millennials prefer to rent property because they are reluctant to take on the responsibility and commitment of home ownership.
While two out of three Asia Pacific millennials living on their own are renting a property, the survey found that many in fact aspire to own their own home, with 65% of respondents planning to buy property in the future.