This is a Variety of Motivations of Generation Z and Millennials in Buying a House

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Nabilah Muhamad 06/10/2023 17:00 WIB

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According to a 99 Group survey, the majority of Gen Z and Millennials buy homes for residential purposes. However, some also purchase homes for business and investment purposes.

Generation Z and Millennial Motivations in Home Buying (First Semester 2023)

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Generation Z and Millennial Motivations in Home Buying (First Semester 2023)

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Real estate technology company 99 Group conducted a survey on the motivations of Generation Z and millennials in Indonesia when looking for or intending to buy a house.

The results show that both generations generally intend to buy a house for residential purposes. This was stated by 66% of Gen Z respondents and 63.1% of millennial respondents.

However, 16.7% of Gen Z respondents intend to buy a house as an investment, while 18.5% of millennial respondents have a similar motivation.

"Some Gen Z and millennials are waiting for properties sold by owners needing money (BU) at prices below market value. They can then buy them for investment, hoping for capital gains," said Marisa Jaya, Head of Research at 99 Group Indonesia, in a seminar with Bank Indonesia on Wednesday (4/10/2023).

Some Gen Z and millennials also buy houses to become co-brokers, or to cooperate with property agents in sales. The proportions are 16.7% and 9.2%, respectively.

Furthermore, 7.7% of millennials plan to buy property for business, and 1.1% of this generation have other motivations.

The 99 Group survey also found that the majority of Gen Z (25.8%) and millennials (21.4%) both prefer properties with an area between 60-100 square meters.

"Of course, this is also related to the price they can afford," said Marisa.

(Read also: Tak Sedikit Masyarakat yang Membiarkan Kosong Cadangan Rumahnya pada 2022)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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This is a Variety of Motivations of Generation Z and Millennials in Buying a House

This is a Variety of Motivations of Generation Z and Millennials in Buying a House

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This is a Variety of Motivations of Generation Z and Millennials in Buying a House

This is a Variety of Motivations of Generation Z and Millennials in Buying a House

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