Tech-savvy millennials are having a great impact on the development of real estate in emerging markets, driving the search for new properties online, according to new research from Pakistan’s real estate website, Lamudi.pk.
Lamudi’s online data reveals that the majority of users accessing the property portal in 2015 are in the age bracket of 18-34 year olds. The research – drawn from onsite data for countries in Asia, Africa, the Middle East and Latin America – covers an age range of 18 to over 65 years.
Data from Lamudi Indonesia reveals that 65 percent of all sessions since January 2015 came from the millennial age bracket, followed by 35 to 44 year olds (14.5 percent). Indonesia has a very young population, with a median age of 29 years old, thus a large percentage of the population is only now searching for its first real estate investments.
As the real estate industry in Myanmar is increasingly affected by the shift online, more people are discovering the advantages of using the Internet to find property. Lamudi’s data reveals that the majority of sessions this year are being carried out by 18-34 year olds (59.9 percent), made up predominantly of the 25-34 age group (45.9 percent).
Saad Arshed, Country Director of Lamudi Pakistan, said: “The shifting demographics in the emerging markets are very important for the real estate industry. Many of these countries have a young population, who have grown up with technological advances and are more comfortable using the Internet in everyday life.
The millennial generation is spending more money on consumer goods, and is more enthusiastic to spend time and money on technology. This presents an exciting opportunity for real estate professionals in emerging markets, who now need to strengthen their online presence to conquer the growing Internet community.”