A lot has changed in the world of home ownership. Competitive boundaries are widening and this has trickled down to the real estate industry. While land becomes a scarce resource in Kenya, many millennials are fighting to own a piece of the remaining pie within the prime areas of Kenya.
Just a few years ago, everybody dreamed about settling in Nairobi. The devolved government has changed things. Counties are developing fast and even more given the need to compete well amongst themselves. This has shaped the real estate market with millennials no longer feeling the pressure to live within Nairobi and hence purchasing homes away from the cities.
Even more with the emerging techno-cities in the counties that promise an allure similar to that resident in the big cities. But what is it that the millennials are looking for when it comes to purchasing a home?
Flexibility with commuting
Whether working from home or having to hit the road every day, commuting is key to the millennial. Traffic jams and poor roads are a turn off which translates to low inquiries for listings in such neighborhoods. It is increasingly becoming important that one is able to walk to a quality restaurant, shopping mall, entertainment joint, quality health facility and financial institution within their radius.
A study carried out in 2018 showed that 73% of homebuyers considered good schools as an important criterion while scouting for a home. This applies not only to mid-level but also early childhood. Given the competition to secure some of these schools especially within Nairobi city, millennials are opting for communities with a smaller population that can allow them access to similar prestigious schools, where their kids can be admitted easily.
Status and social life
Even while millennials attempt to move away from the City, one thing still remains – there is a need for a similar social life. Given the urban lifestyle that seems to attract higher status in the big cities, millennials will still go for communities that will offer them a similar experience and one that will not have a negative connotation to their status.
Purchasing homes is no easy feat today. For millennials who have a balance to draw, new responsibilities allow new opportunities to explore other neighborhoods but even then, the line is drawn on what can be considered to be a worthy purchase.