Sotheby’s International Realty Chief Marketing Officer Bradley Nelson told Bloomberg that Millennials are changing the luxury real estate market and they are going big when it comes to purchasing their first homes. Unlike their older counterparts who embraced “starter homes”, these highly educated consumers are buying multi-million dollar homes.
Nelson added that millennials, who are the largest adult generation, will profoundly influence the direction of the luxury-housing market. Characterized by being tech savvy and environmentally conscious, developers would likely integrate Proptech features at home and reinforce the sustainability credentials of their properties.
Millennials are thinking about their overall lifestyle. “If a home is a move-in ready and environmentally conscious and has a Tesla charger installed in the garage, those homes are generating a premium, because you have so many buyers interested in competing for them,” said Nelson said
Sources:
Millennials and the Luxury Real Estate Market (msn.com)
Millennials Are Changing the Luxury Real Estate Market – Bloomberg
