10 things Arab millennials look for in a perfect home
By Mohamad Rabih Itani
Today’s young Arabs, who belong to the 18 to 29 age group, have been dubbed the Arab millennials and comprise half of the Middle East’s population. They are a potent force in the region and their perspectives and views seek relevance and demand more engagement from society at large.
Research also shows that this generation creates its own ways. The way millennials are raised, the environment they are living in and the rapid technological revolution in today’s world call for real estate developers to build a niche product that adapts to the needs of Generation Y.
Here are ten things developers may need to consider when building projects for Arab millennials:
One: Millennials, like other generations, will always be looking to upgrade their living situations. However, they would want to live a luxurious life while being able to afford it. They will seek communities where the most facilities are available as a first step to meet their satisfaction.
Two: Offering the necessities for raising a family will be a key factor for the success of any project. Developing projects near schools, hospitals, sports clubs and play areas is necessary today.
Three: Millennials will always believe that home ownership is a good investment. On the other hand, they want to make sure that this investment is as liquid as possible. Only well-located, well-designed, serviced and high-quality projects deserve their appreciation.
Four: Although they would want more space, millennials seek smartly designed spaces in case of scarcity. Millennials do not prioritize large spaces but, rather, a well-maintained home in which they feel cozy.
Five: Many millennials today are risk takers. So, they might think of needing an office at home. A good corner could be a selling tool.
Six: While many millennials still want a car, there are a growing number who explore walking, commuting using various modes of transport, or cycling to work. Developers need to think of communities that are more walkable, with access to cycling facilities or car-sharing schemes.
Seven: They are nature lovers. Not all millennials are city-oriented, unlike in the past generations, where people thronged to the cities to live and work. Communities that can offer the best urban living with the best suburban setting could be a lottery-winning ticket for developers.
Eight: This tech-savvy generation naturally wants smart homes, always connected but not with wires entangled behind the TV screen.
Nine: Low maintenance and energy-efficient. Most young buyers will ask about the maintenance cost for their homes. If they are living in a community, they want to make sure that the community association is doing its best to preserve their living environment at an affordable cost.
Ten: Millennials cannot immediately afford what they want and will have to work their way to achieve it, so developers must be ready to club with their offers the ideal financial solutions that cater to and match their capabilities.
For millennials to be successful business owners, they want to live in a successful development. They will buy from credible and successful developers.
This is why developers must prepare themselves and build a loyal customer base that will allow them to grow. If this is taken into consideration, we are likely to see a positive shift in the Arab housing market.
About the author: Mohamad Rabih Itani is the Founder and Managing Partner of REPEC and Managing Partner at Property Insider, a Lebanon-based real estate advisory firm.