Our boffins have been busy in the laboratory trying to figure out what it is that the younger generation wants in terms of real estate. We have amazing results! It appears there is a considerable difference between the 25-34 year age bracket, known as the Golden age by marketing executives, compared to the 18-24, Experimenters. We have sorted the wheat from the chaff and the results are presented below.
The Goldens (25-34)
It seems like those that fall into this age category, the news reading avid intellectuals are allured by the thoughts of owning their first home. Time spent renting has taken its toll and thoughts of starting a family have spurred the goldens to think about getting a mortgage and moving from small one-bedroom apartments to more spacious two and three bedroom flats.
They are buying for the future. As such, they like to take their time and weigh up all the options. Of course, affordability is extremely important, but they want to make sure there is enough money left to buy a tv, to watch cricket, and see how Mohammad Mahmudullah is getting on. Location is crucial. They want to be close to nice restaurants with a declining desire to be right in the center of the entertainment districts.
For apartments, there is now a growing demand for designer interiors, with new residential complexes, offering architect styles, appealing to the goldens need for modern decor. According to our statistics, over 83 percent of the searches were for Dhaka and around 2 percent for Chittagong. Dhaka offers the bustling energy of a capital city and opportunities to buy there are diverse and varied.
The Experimenters (18-24)
The younger person’s real estate hunt is dominated by rentals. This age bracket wants flexibility and nothing scares them more than the words long-term commitment. They want low budget places and are content in most cases to rent and try out different areas before jumping in at the deep end.
This generation wants furnished apartments, as they don’t want to spend time kiting a place out. They would prefer to move in quickly and start enjoying the local nightlife. For them, central locations are a top priority and if it means getting a smaller apartment, that is usually a sacrifice that would be comfortable making.
Balconies are often desired as a place to chat, late into the night. Many of the new residential buildings include balconies, in places like Uttara, it is becoming an expectation for young people. In terms of size, the experimenters are content to live in anywhere between 600 and 1,500 square feet apartments. We can confirm that for this generation location trumps luxury.