Milennials drive online house-hunting in emerging markets

Jakarta, Indonesia Photo: Agianda

Milennials are driving the search for property online in emerging markets, according to new research from Lamudi.

The portal's data shows that the majority of users accessing the site, which advertises properties in emerging markets such as Asia, Africa, the Middle East and Latin America, are aged between 18 and 34,.

Data from Lamudi Indonesia reveals that 65 per cent of all sessions since January 2015 came from the millennial age bracket, followed by 35 to 44 year olds (14.5 per cent). 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 59.9 per cent of sessions this year are being carried out by 18 to 34 year olds, made up predominantly of those between the age of 25 and 34.

Paul Philipp Hermann, Co-Founder and Managing Director of Lamudi Global, says: "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."