Property experts outline what younger buyers are looking for when it comes to homes in South Africa – including the growing trends.
The South African housing market is undergoing a significant transformation driven by the preferences and buying habits of younger generations – who are looking for affordable, safe, sustainable and tech-forward homes.
That said, as the generation now enters the property market in increasing numbers, they are changing how homes are bought and sold, which influences everything from property types to location preferences. “We’re seeing a strong preference for properties in urban areas with convenient access to work, public transport, and social amenities,” said Gray.The tech-savvy nature of millennials is also transforming how real estate transactions are being conducted.
“Affordability is paramount. Millennials are looking for value for money and are often more willing to compromise on property size in favour of location and quality. They are also exploring creative financing options and are more open to co-ownership and fractional ownership models.
For these tech-savvy generations, the ability to control various aspects of their homes remotely, from temperature settings to security alarms, through a smartphone app is especially important. Above price, technology and sustainability, younger generations are also well aware of the realities of living in South Africa, and safety and security remain a prioritiy—though this is not unique to this generation.
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