Millennials in Southeast Asia may have differences, but they share many similarities, especially when it comes to living, shows a new study from CBRE. The company surveyed millennials in several Asian countries to find out how they live with 63% still residing with their parents.
Meanwhile, an estimated 66% of millennials who moved out of their parents’ houses opted to rent rather than buy real estate, according to CBRE. In Thailand, those who do move out chose condos close to MRT or BTS stations in Bangkok. This reduces commuting times and can in turn improve quality of life.
Those millennials living with their parents do this because of the increased cost of living in the country and the high price of residential properties in Bangkok’s CBD areas. Renting condos in downtown or a CBD fringe area like Ratchada or Bangna have become an option for those looking to move out.
In terms of decision making, millennials are information-driven and more likely to find as much information as possible on a topic to help them make the best possible choice. In addition to this, millennials are convenience-driven and developers will need to take both of these factors into consideration. Residential projects must be equipped with amenities that provide convenience for residents as well as be in close proximity to public transportation in order to suit the needs of millennials looking to buy a home. CBRE research finds that 65% of all millennials want to own property in the future.
Placemaking is also important for millennials real estate buyers. They want residential developments that have retail mixed-use spaces. More developments in Thailand now feature branded F&B outlets as well as a balance of retail and convenience services that include laundry, housekeeping, and convenience stores.
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