By Laila Waqar
The world is changing along with the real estate arena. Researchers have conducted surveys that show that people are increasingly preferring to live in suburban areas and valuing the quality of life over material gains. Consumer preferences have also changed owing to technological advancements where people now prefer modern-day amenities in their real estate property
Graana.com gives you an overview of the changes in macro trends within the real estate sector as shown in the graph below:
Shift in Location Preferences
Eyebrows have been raised among the populace regarding the sustainability of expensive high-end developments in skyrocketing properties. The property prices in urban areas are also increasing exponentially.
For example, Karachi, Pakistan has seen an unprecedented spike in property prices from 50% to 100% in a span of over five years (2015-2021) making it a distant dream for people to own a house in the metropolis. This lack of affordability is the dictating factor behind the change in behavior and preference for suburban areas.
Value of Better Quality of Life
People are shifting to the suburbs because of the benefits they provide. The houses are cheaper which means someone who enjoys gardens or swimming pools can afford a house with these amenities in the suburbs. Moreover, they can be away from the hustle and bustle of the city and lead a simpler life.
These areas also have the potential for growth which means there are developments with regards to the provision of universities, hospitals, schools, etc. With the installation of these infrastructures, there is also potential for employment and economic growth.
Research states that there is increasing interest in rental properties as opposed to homeownership. This is because of the greater emphasis among the millennials on a life of freedom and mobility. They want the possibility of being able to travel and explore their options in comparison to their ancestors who preferred stability. The millennials are less risk-averse in this regard.
Likeness for Shared Spaces
There have been many social, cultural, and technological developments happening and as a result, behavioral changes are occurring. With just a click, people can now order groceries or food at their doorsteps. This has made it easier for people to survive for days without being glued to a specific location.
In addition, more and more women are joining the workforce which is bringing acceptance for flexible working environments. The increasing traffic woes and pollution have also reinforced the trend of work from home. The incidence of a global pandemic (COVID-19) has further accelerated the trend by forcing people to work from home.
Furthermore, to accommodate the population influx, new buildings are designed specifically in order to accommodate them in a smart way. Hence, the new designs show purpose-built buildings which have separate rooms and a shared lounge or living space for entertainment.
This shared model is suited to the millennials who are increasingly looking for cost-effective and sustainable ways of living and also for older populations who are more accepting of the notion due to its affordability.
House owners are also making use of technology to attract more tenets. The world of technology makes it easy to buy, rent and sell with just a click. Several apps have been developed for this purpose. Graana, Pakistan’s 1st online real estate marketplace, is one such initiative that makes it easier and convenient for property owners to manage their properties.
The Graana app is trustworthy and reliable. One can make use of their user-friendly portal to add details and leave the hard work for the experts. The app will find a suitable solution according to one’s preferences. This has surely made life easier and revolutionized the real estate sector.
Laila Waqar is a Content Specialist at Graana.com.