Millennials in luxury real estate are generating more and more influence in Costa Rica, from home design features to layouts, materials and technology.
The so-called “millennial” generation was born between the early 80s up until the mid 90s. They’ve grown up and are starting to excerpt more and more of their influence on the luxury real estate market, locally and globally.
As Millennials grow to become the new majority in real estate, they’re having significant influence with their preference for minimalism, smart technology and organic materials, as well as wellness and entertainment related amenities.
In 2019 Millennials made up more than 33% of the total real estate market in the US, a significant portion of the market. In Costa Rica, the percentages are lower, but there is still significant impact from millennials and their HNW families.
The Millennial generation has begun to shape the world of real estate and luxury real estate in particular with the rise of new home design characteristics and special requests.
“Millennials consider themselves a group of uprooted, nomadic, free, adventurous people, unattached and with little interest in owning their own home, preferring home rentals as a solution to that lifestyle. However, in terms of housing, millennials in Costa Rica want to have their own home. This can be linked to the cultural value given to the land and owning assets that still predominate in Costa Rica.”
Millennials & Minimalism
The trend for minimalism began it’s popularity amongst Millennials because it is a response to their busy-and-need-of-simplification lifestyles. Because they grew up in the vibrant 90’s with the rise of the internet, millennials were surrounded by a lot of information and color.
With a heightened trend of minimalist style of design they are looking for an aesthetically simplified home that also has a functional side. Without eliminating elements such as colors, patterns, textures, etc.
With minimalism comes smart technology, multi use appliances and furniture. Millennials in luxury real estate are in search of automating their homes for a simpler and customized use. Examples of these are lighting systems, doors, curtains, appliances, bathrooms, closets, sound systems, TV, and more.
Millennials and Amazing Kitchens
The luxury kitchen requirement is important amongst millenials in luxury real estate that are part of the digital and internet generation. They’re eager to learn and explore more with videos and social sharing, the kitchen not being an exception.
Millennials in luxury real estate request to have a grand kitchen with plenty of space so they can enjoy their cooking experiences and store as many international ingredients as they can. Another important element in their kitchens are eco-friendly appliances.
“Don’t let the data fool you… bigger kitchens don’t necessarily mean millennials are cooking more in Costa Rica, but they do seem to appreciate this space even more, just like they do other areas meant to share and entertain.”
Another request that the millenials in luxury real estate have for luxury real estate is to ensure wellness and entertainment features included in the home. This is due to the high value that they place on exercise and leisure time.
Also, during pandemic times there has been a trend of looking for properties with more amenities for entertainment and exercise within the house. Therefore they look for more space and commodities to be safe.
Natural Elements and the millennial home buyer
Last but not least we have natural elements and organic materials. Millennials are still considered a “young” generation, hence they are thought to be involved and passionate about global issues like climate change, ozone layers, and environmental impact. When looking for a home, they like to have one that incorporates nature instead of standing out from it, including characteristics such as an inside garden, solar panels, a space for organic gardens or compost , etc. Specially in a country like Costa Rica, were we already have a more nature-driven mindset, thoughts of incorporating nature are prevalent.
Millennials in the Costa Rica real estate market are looking for simplified luxury experience. They want options yet they don’t want to loose the comfort and amenities of an eco-friendly surrounding.
“In Costa Rica, contrary to other countries where Millennials describe themselves as free and with few ties, the Digital generation dreams of having their own home, even if it is in a tower, and for that they show more openness and willingness to borrow.”