Millennials these days are considered as one of the driving forces peddling the Dubai real estate. Their increasing demand for Dubai properties created a new market trend, influencing the developers to react and adapt to the current situation. Property developers and sellers come up with an enhanced, attractive, and flexible payment options from a wide range of modern design residential units with exceptional community setup and accessible urban location.
With live, work, and play concept of most property developers in Dubai, millennials are provided with adequate property options that cater their lifestyle and daily needs. A typical expat millennial buyer in the UAE is roughly around 27-35 years old with housing considerations like affordability, size, location, and so on. Having said that, here are some of the specifics on what millennials are looking for in a living environment.
Is It Affordable?
Yes, when it comes to buying a property in Dubai, affordability is one of the main considerations. This is the time to ask yourself about how much you can and willing to spend for that home. Usually, a millennial buyer will examine his or her overall financial capabilities that include monthly income, savings, and whether you're able to apply for a mortgage.
The majority of millennial home buyers look for affordable housing or at least flexible payment plan. With lower initial and competitive monthly payments, millennials will definitely take this as an opportunity to purchase a home in Dubai.
Home Efficiency And Practicality
Compared to older generations, millennials are more practical in their housing requirements. Young adults prefer multi-functional spaces in their home, perhaps another room that can be a guest room, game room or an office. Millennials would also want a home that “looks” airy and wide regardless of its size and an area at home that can easily transform into something new.
In terms of the house’s actual size, most millennials would like to have just enough space and not too much. Homes that are minimal in design are most likely preferred by millennials these days.
It’s All About The Design
Millennials would choose a home that is properly design with an emphasis on functionality. A well-planned home that complements most millennials way of living are becoming one of the considerations of property developers in Dubai when launching ready and off plan projects. Millennials would love to stay in a home that is stylish and efficient, with home setup and floor plans ideal for all their requirements.
In previous generations, they considered living room as the centre of the home but nowadays most millennials prefer the kitchen. That’s why whenever they look for apartments for sale, they would choose a stylish and modern kitchen setup. An open floor plan with an integrated design has become a preferred option by most millennials as it provides enough space for social gatherings.
Love The Outdoors
Of course, everybody would love to have a home with nice outdoors, perfectly landscaped gardens, and relaxing ambiance. But for millennials who are sick and tired of renting, outdoor space is one of the main factors when buying a property. You can check areas like Arabian Ranches, Dubai Hills Estate, and Akoya Oxygen as it offers its residents unbeatable green landscaped outdoors.
It Must Be The Location
When it comes to locations, millennials want a home that is near to their work and things to do. An all-in-one location that caters to all the needs and lifestyle of a millennial is becoming a trend in the Dubai real estate scene these days. Imagine living next to your workplace - no lates, or living next to a tourist destination - amazing views right? or next to a mall or retail shops - for sure you’ll get what you need in no time.
Financial Gain? Yes!
Millennials are also interested in building personal financial equity especially if they’re planning to sell the home in the future. After all years of staying in your home, renovations, customisations, and whatnot, you would still want your property in its best value. At this point, you can also consider the location of your current purchase and study if it will add to the value of your property in the future.
Are these specifics fit your ideal millennial home? Does it apply to you? Please let us know in the comments below!