Because for them, walkability is luxury, even if the chosen area is not considered luxe
More wealthy millennials have chosen to buy homes away from well-known rich neighbourhoods in favour of convenience, opting for an area within walking distance of their social life, reported Business Insider Singapore, citing a study by Coldwell Banker.
Even though walkability has always been a factor in luxury real estate, rich millennials have redefined the significance of the concept as they consider locations that are not gated, secluded, or out of town, as long as they can walk to the nearest cafe, for example.
To evaluate rich millennials’ lifestyles, such as their spending habits, real estate purchases, and other investments, the Coldwell Banker Global Luxury program collaborated with wealth intelligence data and research company WealthEngine.
In the study, they defined wealthy millennials as individuals who have a net worth of over USD1 million, aged between 23 to 27 years old.
Results revealed that “they want to live near gathering spaces… near throwback downtowns, or districts that grew organically – and they are willing to give up square footage and amenities to be able to live in those kinds of locations, ” said Karen Yang of Coldwell Banker Residential Brokerage, Los Altos, California.
Danny Hertzberg, Coldwell Banker Global luxury ambassador and member of The Jills-Zeder Group, added that walkability for this generation is a winning factor. They want to live in a location where the coffee shops, bakeries, fitness facilities, and yoga studios are within walking distance.
“Millennial buyers want to be close to the action,” he concluded.
Rising sea levels put Southeast Asia’s coastal cities at risk
Unchecked developments, urbanisation, poverty and environmental degradation could all spell disaster for Southeast Asia’s coastal cities
China’s residential market once frozen due to COVID-19, shows signs of recovery
With sales volume up, the housing market in China is emerging from the unprecedented deep freeze inflicted on it by COVID-19
6 of the finest places to live, dine, party and shop in Cebu
With top-notch dining and nightlife burnishing a real estate renaissance, the capital of the southern Philippines is having a moment in the sun
The top tech tools making paradise more appealing to investors
From bots to beacons, proptech is reinventing and revolutionising the playbook when it comes to marketing resorts and holiday homes