{"id":29044,"date":"2022-05-25T14:59:42","date_gmt":"2022-05-25T07:59:42","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=29044"},"modified":"2022-06-30T18:11:57","modified_gmt":"2022-06-30T11:11:57","slug":"where-gen-z-and-millennials-stand-now-on-the-property-ladder","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/where-gen-z-and-millennials-stand-now-on-the-property-ladder\/","title":{"rendered":"Where Gen Z and millennials stand now on the property ladder"},"content":{"rendered":"

Filial piety and a lack of affordability in housing markets regionwide, exacerbated by the pandemic, are stymieing the buying ambitions of young property seekers around Southeast Asia<\/p>\n

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. DisobeyArt\/Shutterstock<\/figcaption><\/figure>\n

From the \u201cGreatest Generation\u201d to \u201cBaby Boomers\u201d to the \u201cMTV Generation,\u201d some demographic cohorts have worn their labels like badges of honour.<\/p>\n

Those born between 1981 through 1996 got the short end of the baton: \u201cGeneration Rent.\u201d<\/p>\n

Generation Y has held a fascination for real estate pundits over the last decade. Witnesses to once-in-a-lifetime socioeconomic setbacks from the global financial crisis to today\u2019s pandemic, so-called millennials have scaled the property ladder with less precocity than their forebears.<\/p>\n

Delaying their homeownership goals until later in life, millennials are not \u201cadulting\u201d enough or so the old accusation goes.<\/p>\n

Their little siblings are not exactly \u201cGeneration Buy\u201d either. By 2020, Generation Z, those born from 1997 onwards, became the most populous generation in history at 2.47 billion even as a health crisis depopulated the planet (and diminished their job prospects).<\/p>\n

Homeownership is even more elusive in Southeast Asia, a melting pot of ethnicities where more than half of the populace is younger than 30. But Generation Rent is not a fair assessment of the region\u2019s youth\u2014they haven\u2019t left the nest in the first place.<\/p>\n

\u201cTight-knit family cultures, higher-than-average ages of a first marriage, and a lower rate of marriages mean that Southeast Asia\u2019s millennial population have not felt as much pressure to move away from their families, compared to millennials in other parts of the world,\u201d says Christine Li, head of research for Knight Frank Asia-Pacific. \u201cThe idea of \u2018Generation Rent\u2019 simply has not applied here.\u201d<\/p>\n

Filial piety still holds sway in Southeast Asia despite how progressive the last generations may have seemed. In a recent survey by PropertyGuru, the majority or 49 percent of millennials in Thailand and, to a lesser extent, Indonesia (31 percent) cite taking care of parents as the top barrier to moving out over the next year. In Singapore, being unmarried prevents most respondents (41 percent) from flying the coop, a social more echoed throughout conservative Asia.<\/p>\n

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Singapore is a shining example in Southeast Asia on how to give the youth a leg up in homeownership. Here, public housing covers 80 percent of the populace, with financing readily available. hanumputri\/Shutterstock<\/figcaption><\/figure>\n

\u201cSoutheast Asia has traditionally never had a strong \u2018rental culture,\u2019 and most households have preferred to own their dwellings as opposed to renting,\u201d says Li.<\/p>\n

Still, the desire to move out remains strong among ASEAN youth. Even though up to 30 percent of millennials still report living with their parents in Singapore and Indonesia, as much as 84 percent of them still intend to move out over the next year, the survey shows. Thailand is an outlier at 42 percent, with most youngsters unwilling to leave the nest anytime soon.<\/p>\n

The story of first-time homeownership is one of affordability. Although hyped as a fast-growing economic bloc to rival the EU, Southeast Asia suffers from some of the highest home-price-to-income ratios of any region due to stagnating wage levels in developing economies, some destabilised by strife and autocracy. It also suffers from unsustainable capital value growth in some cities, boiled to a froth by speculative buying and low-interest-rate environments, especially during the pandemic.<\/p>\n

\u201cThe ASEAN bloc has enjoyed a stellar economic growth over the last few decades, with countries such as Vietnam, Cambodia and Philippines experiencing the sharp rise of the middle-class population, which resulted in a shortage of affordable housing in many of the capital cities,\u201d says Victoria Garrett, head of residential for Knight Frank Asia-Pacific.<\/p>\n

Portents of a housing unaffordability crisis could make Generation Z the true heir apparent of the Generation Rent tag. \u201cFrom what we have seen of Generation Z, social trends are reversing as more youths are desiring independence from their families,\u201d says Li. \u201cDespite trends of slower and fewer marriages, more individuals from Generation Z will seek opportunities to move out into their own pads.\u201d<\/p>\n

Millennials are built differently. Under immense pressure from social media, they have trailblazed the experience economy, given to frequent travel, eating out, and live events at the expense of tangible assets like a car or house. Millennials are not monikered the \u201cMe Generation\u201d for nothing.<\/p>\n

More: Shelters from the storm: Asia\u2019s best luxury boltholes<\/strong><\/a><\/p>\n

One in three millennials looks to purchase a luxury home, or those priced above SGD5 million in the long term, according to the PropertyGuru Singapore survey. Most justify it as a dependable long-term investment (66 percent) but 30 percent also cited \u201csocial status\u201d as a reason to purchase.<\/p>\n

\u201cThere is no doubt that millennials in Singapore are one of today\u2019s fastest-growing segments of home buyers, with savings accumulated from pandemic sheltering,\u201d states Tan Tee Khoon, country manager of PropertyGuru Singapore. \u201cThe delay in home buying can be due to millennials\u2019 increasing preference for a larger, luxury property that commands higher prices than typical starter homes.\u201d<\/p>\n

Digital natives all their lives, Generation Z are torchbearers of the gig economy, favouring access over consumption. Where Generation X and millennials consumed status symbols and experiences, respectively, Generation Z consume the \u201csearch for truth\u201d and prefer to make ethically, environmentally informed buying decisions, according to McKinsey.<\/p>\n

True enough, young Asian home buyers tend to factor in good air quality, proximity to green spaces, and access to good healthcare in their choice of post-Covid residences, reports Knight Frank. A staggering 46 percent of millennials in Singapore are willing to pay a premium to live in \u201cgreen towns\u201d or sustainable estates, reports PropertyGuru. Around one in three millennials is also willing to pay more for properties with EV charging points.<\/p>\n

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Vietnam has experienced the sharp rise of a middle-class population, which has resulted in a shortage of affordable housing in hubs like Ho Chi Minh city. MDVEdwards\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe pandemic has put health and wellbeing into the forefront of younger generations\u2019 consciousness when selecting new homes,\u201d says Li.<\/p>\n

Without the Bank of Mom and Dad, lower-income segments among young generations could only do so much without regulatory support. Tools to curb speculative buying like tax penalties, lower loan-to-value (LTV) ratios, price controls, and tighter mortgage rules may spur first-time home buying for end-use, but they are not airtight measures.<\/p>\n

\u201cIn South Korea…cooling the market only ended up locking the low- to middle-income groups from purchasing homes over the past three years,\u201d warns Li. \u201cThis has impacted younger property seekers in particular, who are at the beginning of their careers and have yet to have built up resources for their first purchase.\u201d<\/p>\n

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It\u2019s supremely difficult for all but the most monied first-time buyer to get onto the property ladder in premium markets like Hong Kong. RadRadu\/Shutterstock<\/figcaption><\/figure>\n

On the other end are property seekers who think housing policies are not warm enough. In Malaysia, only 16 percent of Malaysians perceive governmental efforts to make housing affordable as sufficient, reports PropertyGuru. Seventy percent of respondents called for further reduction of interest on home loans even as 46 percent of first-time homebuyers in their 30s expressed hopes of saving enough money to clear their debts.<\/p>\n

More: Cities within cities: Time for townships in Asia<\/a>
\n<\/strong><\/p>\n

\u201cAt the end of the day, as long as policymakers keep in mind the objective of the residential being for fulfilling one of our most basic needs, we will see the target of young buyers ascending the property ladder be achieved,\u201d Li says.<\/p>\n

Today\u2019s youth will eventually come into money. Millennials stand to inherit over USD68 trillion from their parents by the year 2030, the greatest wealth transfer in modern history. With many families having accumulated wealth in property, the desire for homeownership will surely live on through the years.<\/p>\n

\u201cProperty ownership in Asia has always been aspirational, and I don\u2019t see this changing in the future,\u201d says Garrett.<\/p>\n

The original version of this article appeared in\u00a0Issue No. 169<\/a>\u00a0of\u00a0PropertyGuru Property Report Magazine<\/a>. Write to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The buying ambitions of young property seekers around Southeast Asia are being stymied by a range of factors <\/p>\n","protected":false},"author":9,"featured_media":29045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81,97],"tags":[215,3002,935,758],"class_list":["post-29044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","category-magazine","tag-asia","tag-generation","tag-investors","tag-property-seekers","news_country-asia","news_author-al-gerard-de-la-cruz"],"acf":[],"yoast_head":"\nWhere Gen Z and millennials stand now on the property ladder | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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