Millennials are making their mark on the luxury home market
According to Sotheby’s International Realty’s 2022 Luxury Outlook report , millennials are now shedding their “generation rent” title as they are reaching new milestones in life entering the home-buying market in droves.
With 72.1 million people, millennials represent the largest adult population in the world today, with unique preferences that are influencing the market of luxury homes.
According to the report, more than 5 million millennials will turn 31 in 2022, and many of them will have access to wealth from their parents, grandparents or relatives to purchase a property.
In the United States alone almost $70 trillion are to be passed down from previous generations between 2021 and 2042, which millennials will use to purchase real estate considering attractive developments with features that will allow them to live the premium life they deserve.
The trend is similar in Latin America, especially in Mexico, where there is also an increasing number of professionals, CEOs of transnational companies, and even business owners.
I want to share some insight that can help you understand how this generation can transform the way we currently perceive the real estate:
- Since their lifestyle is rather minimalist, millennials are looking to leave mansions or large buildings, typical of the baby boomer generation (born between 1946 and 1964), behind.
- Due to the versatility of the property and the amenities it offers, like community pools, gym, green areas, millennials prefer to buy or rent apartments close to cities and entertainment.
- They look for rather small apartments or condos that give them privacy, tranquility and security.
- Since many millennials work as freelancers and they work from home, a property having an office is a plus.
- Technology is extremely important, so the property must have the best internet and telephone services, even energy saving systems.
- A determining factor is for the property to be pet-friendly since this generation has a great affinity with animals.
There is a growing supply of luxury apartments with a great location in some of the trendiest areas of Puerto Vallarta and the Riviera Nayarit to meet the needs of these young professionals in the Banderas Bay region.
Distrito Coral, an exclusive development located less than a kilometer from the beach, close to the maritime terminal and the International Airport of Puerto Vallarta, near the commercial area and a few steps from the main avenue of this tourist destination is an excellent choice. The development consists of 72 apartments in three towers, functional and avant-garde designed to preserve harmony within its surroundings. A dream for any millennial.
Do you want to know more about this development? Contact me for more information!