According to an article in BusinessTech the South African residential market is demanding experiences, the freedom of convenience and the option of being AS close to the buzz of life as to the open green spaces.
Speaking in an article on the 20-minute neighbourhood, Grahame Diedericks, managing principal for Lew Geffen Sotheby’s International Realty, said that millennials have overtaken the baby boomers to become the largest property-buying demographic.
Born in the age of technology, millennials are leaving the biggest footprint on an industry which saw very little change for decades. With very different needs, priorities and expectations to the generations before them, they value experiences and the freedom of convenience and cite location as one of the top influencing factors when house buying. They want it all, to be where the action is but also to be close to schools and green spaces.
With growing security concerns and traffic congestion they are looking for commercial hubs that offer a ‘work, play and stay’ environment which is characterized by:
- High-quality public spaces, streets and general infrastructure;
- Good access to services that support local living;
- A variety of housing types that cater for different levels of affordability and lifestyles;
- High-quality green spaces for people to enjoy;
- Thriving local economies with employment opportunities;
- Good digital connectivity to enable flexible working, business opportunities, and remote access to public services;
- Formal and informal play spaces for children;
- Community participation and local engagement opportunities.
Setting The Pace
The work, play, stay and thrive concept is the base for the Westown vision and the reason it is set to become a place of choice. A place that:
- Is strategically located both locally and nationally
- Provides a range of amenities
- Is built on high-quality infrastructure, service and management for the long term.
- Developed by a local team that gets the context and potential of this place and is invested in its success
- Respects and activates the outdoor pursuits the area is already known for.
“Liveability is the new watchword which basically translates to living locally with easy access to most of the facilities and activities we need on a daily basis, and this gold standard no longer only applies to millennials.” said Diedricks. Read the full article here.