As millennials, and soon gen Z, are gradually experiencing transition from living with their parents while working, and/or studying at universities, to having to live alone, they will soon have to search for new residence. With this in mind, they need to make an investment in property, arguably the ones with competitive pricing, starting from now.
However, as they, at the same time, have to but do not want to leave downtown’s glamour lifestyle, property industries are now beginning to erect downtown-like suburbs. The movement, henceforth, is called ‘Hipsturbia.’
Apparently, Hispturbia has become one of the most prospective trends in property investment, particularly real estate. The findings in Emerging Trends in Real Estate 2020 by PwC and Urban Land Institute divulge so.
Accordingly, the surveys and interviews incorporate industry experts such as brokers, investors, developers, and many more. The results, additionally, encapsulate prediction of 2020 trends in real estate industry.
First of all, the findings canvassed the unique change in home ownership that is completely novel. Furthermore, extreme heat and climate change are significantly affecting the escalating demands of facilitation in the housing.
More importantly, the report also mentioned that Hipsturbia will become a huge trend by 2020. It is, in short, the establishment of suburbs near cities with facilitative retails, food and recreation options, and jobs all in walking distance. In response to such trends, millennials, the main market, positively respond it so long as it truly facilitates the needs.
Although the trend is reportedly still in the US and Canada, it is far from impossible that this will soon become a global trend. In particular, continent like Asia will most likely adopt it as a move to counter overpopulation in big cities.
Also Read: Overpopulation and Unemployment: A Crisis We Overlook
The Future Prospect of Hipsturbia in Asia
Currently, no studies or analysts discuss the prospect of Hipsturbia outside North America. This, accordingly, includes Asia, the most populous continent in the world.
However, that does not invalidate that the continent will soon adapt or adopt the trend. This is so as, examining the phenomena of Asian megacities, governments of the continent are struggling with population distribution.
Reviewing the prospect at a glance, Hipsturbia, the movement to establish downtown-like suburbs, will suit populous countries like China, India, Indonesia, and Japan. That, however, does not mean that other countries are not prospective markets as well.
That said, it is too early to claim the suitability of Hipsturbia to Asian countries. However, it might be wise for developers, investors, as well as millennials, to begin considering the trend.
