In greater numbers, millennials are terminating their leases, moving out, and purchasing homes. In fact, millennials constitute the largest group of buyers on the property platform’s website.
The age group of 25 to 34 years old accounted for 43.95 percent of total page views, outnumbering all other age groups. Across Luzon, Visayas, and Mindanao, this majority was consistent. On the other hand, females led the user gender demographic, accounting for 61.4 percent of page views compared to 40 percent for males.
Real estate developers are recognizing this and developing concepts that appeal to this demographic. To understand this millennial niche better, here are the things you need to know:
Who Are They?
The Millennial generation was born between 1980 and 2000, according to a TIME magazine article. They are the generation that is currently changing the face of local real estate for the better. Here are some of the captivating reasons why you shouldn’t underestimate the Millennial generation:
- Millennials make up a significant portion of the population: did you know that they make up a quarter of the Philippine population? Workers account for half of the population, making them financially strong.
- Millennials are now getting married: This age group is now in their mid-twenties, which is the greatest period for most Filipinos to marry. When they marry, they must now purchase their own home and live independently of their parents.
- Millennials are tech-savvy: 70% of Millennials have access to the internet. They purchase the majority of their goods, including real estate, through the internet. As a result, online property portals are on the rise and will continue to do so in the future years.
What They’re Looking for?
According to studies, the most crucial element to remember when buying a home for a Filipino Millennial is the location. Thirty-three percent prefer to live near their workplace, while forty percent prefer to live near major amenities such as shopping malls and entertainment centers. According to the survey, while 47 percent of respondents believe that Cavite is a good place to visit, they still prefer the fast-paced urban lifestyle that the Metro provides.
Luxury Over Necessity
According to the report, the majority of home buyers want to be able to move in right away. Only 38% are willing to buy a property that is not yet on the market. Over half of the respondents want to live in a house, and 27% want to live in a condominium. While more than 30% of respondents have begun saving for their ideal home, many are waiting for a promotion before making a purchase.
Energy efficiency is a priority for Millennials. It enables them to minimize carbon emissions while also saving money over time. At the most basic level, they’re looking for houses with solar panels. With so much of life now being spent indoors, consuming electricity for work, education, and household chores, a solar-powered home saves a lot of money on energy.
Many Filipino homebuyers desire a simple home buying procedure. Around 80% of people are willing to look for real estate properties on the internet. They also recognize the value of having someone else handle their paperwork and other operations. As a result, more than 60% choose to purchase a home with the assistance of a broker.
When it comes to real estate, Filipino millennial homebuyers seek assistance from their parents. They also rely on customer reviews found on the internet. They look at a portal’s or a property’s reviews before contacting or using it.
Millennials are fine with small units as long as they are close to their schools or offices, emphasizing convenience above the room. In reality, micro studios, which start at 11 square meters and cost half as much as standard condos, are in high demand, especially among still single ones.
Millennials save for a down payment and rely on SSS or Pag-ibig loans to cover the remainder of the cost. This may enable them to obtain their dream home sooner rather than saving for it and living in it.
Millennials are no different from any previous generation, except they are a little more ambitious and daring. If you want to make a sale, focus on selling properties near the Metro to Millennials. Getting involved in the digital world will also help you keep in contact with the younger generation.
Millennials are looking for residences with WiFi-ready spaces where they can be creative and productive at their own pace in an era where working from home, entrepreneurship, and taking on freelance projects are becoming the norm.
Millennials are buying homes instead of renting, defying the stereotype of the “renting generation.” So, if you’re a millennial shopping for a home, what are your options? Everything is within reach in the present age of marketing, whether through social media, technological advancements, or events!