Millenials to drive the real estate market
As many as 82% of Indian millennials live with their parents and 25% of these have no intention of leaving the family home, according to a survey on millennials by CBRE Group Inc., the world’s largest real estate consulting firm. Millennials are people who became young adults around 2000.
“Given that by 2020, 65% of our population will be under the age of 35, it is critical that we gain insights into the behaviour of this population class,” said Anshuman Magazine, chairman – India and South East Asia, CBRE.
“The Millennial survey tries to do just that—to understand the implications that this population set will have on different real estate classes. The results are not only insightful, but also contrary to the general perception around millennials. For instance, 82% of the millennials stay with their parents, saving for the future is among their top priorities and a large majority look at real estate as a sound investment opportunity,” the report said.