The real estate market has undergone major transformations, thanks to social development, globalization and new generations. Who have different needs and interests.
It is important to know what these needs and priorities of this generational group are, since according to the Harris Poll and Eventbrite study, millennials in the US currently command an estimated $ 1.3 billion in annual consumption expenses. So, understanding this market and comparing it to the Costa Rican is very useful, which at the end tend to be very similar.
It is common for young people up to 35 years of age, to have greater interest in renting studios and apartments, instead of acquiring real estate. However, this option is also given and is a good investment.
Now, why does a studio apartment attract so much attention from the young public? Everything is summed up in the flexibility and comfort that these housing projects offer.
For young people, it is more convenient to have a private place that has good security, recreational spaces, proximity to study centers, work and / or entertainment, etc. And where they usually only have to worry about the maintenance of their floor, since the care of other areas such as gardens, swimming pool, lobby, does not fall on them.
This allows them to enjoy high-level facilities, while investing their time in their own activities.
According to the above, one of the most attractive options is the towers, a trend of vertical housing that has gained boom in recent years, due to its benefits in comfort, quality, location and safety, among others.
The issue of buying a home of your own is not as popular among this generational group, due to several factors:
- Renting an apartment allows the person to move more easily, in case their job requires them to move around
- The care of common areas does not fall on them, when owning a house, it does
- You may find more economic flexibility when renting
The apartments are usually smaller than the houses, which is ideal for single people.
However, this does not mean buying a property at this age does not represent a long-term benefit. In fact it is a very advisable opportunity in general.
Now, in short, what millennials are looking for is comfort, which could be defined as not “subjecting” to financial transactions that take years. These days, a central and small place between 40 and 80 square meters is what is most accessible.
Younger people are little interested in buying houses, they prefer to buy a vehicle and rent a studio or apartment. Those who are interested in buying, look for studios or small apartments to which they have access according to their income.
Johnny Solís – Bank of Costa Rica’s Credit Area Manager
