Between January and June 2024, Millennials and Gen Z purchased over 60 percent of property on NoBroker's online listing platform in Bengaluru, according to data accessed by Moneycontrol.
Saurabh Garg, co-founder of NoBroker, said that Gen Z accounted for about 16 percent of the total property sales, while the rest was bought by millennials.
The average ticket size of the properties was between Rs 70 lakh and Rs 1.1 crore. The share of millennials and Gen Z transactions saw a 10 percent increase, compared to the same period in 2023.
While Gen Z is defined as the age group between 11 and 26 years, millennials belong to the 27-42 years group. Baby boomers, or people born during the mid-20th century baby boom, are people above 58 years of age.
NoBroker observed a 23 percent increase in the number of buyers under the age of 35 on the platform. Buyers under the age of 45 accounted for 57 percent.
"Many of these buyers work in the private sector and have nuclear family set-ups and can afford most of these properties. About 67 percent of the people surveyed were dual-income households. This indicates greater disposable incomes and financial independence and flexibility in decision-making. They don’t see property ownership as the biggest milestone but as a means to build wealth and establish stability early on in life," another report by NoBroker said.
The demand among millennials for 1 BHK and 3 BHK units is outpacing the demand for 2 BHK units, the report said. About 39 percent of the survey respondents said that they are looking to purchase a 1 BHK while 33 percent said that they are keen on 3 BHK units.
Woman buyers' share increase
Data from NoBroker revealed that nearly 32 percent of the women prefer to invest in real estate either as sole or co-owners.
The rise in female ownership can be attributed to several factors, such as women increasingly achieving financial independence through careers and entrepreneurship, cultural shifts and increased awareness due to government initiatives, it added.
About 60 percent of the buyers stated that they are looking to book an under-construction property.
"It is understood that when the property nears possession, prices might increase . They are betting big on the capital appreciation of the project, given the current dynamics when builders are charging a premium on projects that are near possession," the report said.
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