The Millennials, or the so - called « Y Generation», the generation of the ones born after 1980, are to redefine the luxury real estate market. This is the conclusion of a Crosspoint Real Estate analysis, conducted in collaboration with Leading Real Estate Companies of the World (LeadingRE).
The premium real estate buyer profile is changing, and one of the most important changes is that the average age of the luxury real estate buyers is lower than ever. The « Millennials » generation, the ones who inherited their parents` fortunes, that were raised in the ages of economical boom, will redefine the luxury real estate market in the following period.
The “Millenium Generation” representatives are active all over the world, most of them coming from China, where 15 years ago fortunes of such magnitude didn’t exist.
The Millenials have their own vision on the luxury real estate market and the way they use the new media and technology has a major impact over the evolution of the real estate market. The mobile technology broadened the access to real estate properties all over the world and redefined even the way luxury real estate is traded today.
The Internet and the mobile applications offer instant access to properties on all meridians and most of the luxury buyers are massive users of those technologies. For a real estate company, it will be crucial in the following period to be present both on dedicated portals, but also through mobile applications, and to customize the user experience by translating the offers in more international circulation languages or by converting prices in as many currencies as possible. The social networks are also becoming more and more important for the real estate sector, having the premises to become some of the most successful selling instruments for luxury real estate in the future.
“In Bucharest, the average age of the premium residential properties buyers, in Central or Northern areas of the Capital, is continuously decreasing. We have clients under 30 years who are the owners of some of the most exclusivistic penthouses in Bucharest. WhatsApp, Youtube, Facebook, Linkedin have became common language between us and our clients – the real estate agencies that will understand this trend will be the winning ones in the future”, states Mihai Dumitrescu, managing partner, Crosspoint Investment Banking & Real Estate.
Leading Real Estate Companies of the World (LeadingRE), exclusively represented in Romania by Crosspoint Real Estate, is a prestigious worldwide network that includes over 500 real estate companies with almost 3,500 offices and 120,000 associates. Network affiliates produced over one million transactions valued at $314 billion in home sales in 2013.
Recently, Crosspoint Real Estate launched www.crosspoint-imobiliare.ro, the single premium real estate portal on the Romanian market.