Millennials (with money) want sustainable homes | Fortune

Emancipation is not an easy task for young Spaniards. In 2020, the number of people under 30 years of age who lived in a home other than their origin was the lowest in two decades because, in many cases, they cannot afford it. But there are those that do and they are demanding. The millennial audience (which includes young people between the ages of 25 and 35) seeks to make long-term investments that meet the expectations of an exclusive home that meets their needs, according to luxury real estate Barnes.

These needs, he assures, have to do with aspects such as sustainability and technological performance, since it is a generation that gives great relevance to issues related to social and ethical values. “Now more importance is given to the distribution and environmental sustainability of materials, furniture, and with greater energy efficiency, which before was not taken into account”, says the director of Barnes Madrid, Álvaro Martínez.

According to the study HENRY (High Earning Not Rich Yet), produced by Engel & Völkers, the preferences of these millennials (born after the 1980s and with incomes over $ 100,000) respond to a renewed definition of luxury. “For them, luxury is not in the cost of the home, but is defined in terms of quality and purchase decisions are based on the reputation of the brand. The change in the behavior of these new consumers is the influence of their social networks and the channels of their experts or influencers Favorites ”, acknowledges the director of operations and expansion of the company, Constanza Maya.

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Interior of one of the Barnes houses in Madrid.

Interior of one of the Barnes houses in Madrid.

In that sense, Maya confirms that “The principles of ecodesign are paramount for the young customer”. To respond to this demand, the real estate company plans to reduce the impact of homes on their surroundings by following smart design principles to achieve the highest possible energy efficiency, with a very low demand for heating and cooling. “That they have natural insulation, that all rooms have cross ventilation and that the southeast orientation in the new buildings allows to take full advantage of the sun,” he explains.

The exclusive residential complexes Parallel East & Parallel West, currently under construction in Palma de Mallorca, are an example of this type of home promoted by Engel & Völkers. The main facade is designed with an outer layer of wooden blinds that can change their position according to the season of the year sliding from vertical to horizontal depending on the desired sunlight to achieve the highest energy efficiency.

97% of the young people surveyed in the study HENRY contemplates the acquisition of a house in the future. However, the executive director of the company dedicated to the promotion of Uxban homes, Gonzalo Robles, assures that it is a market segment that is still not very representative in the set of purchases that are made.

Terrace of one of the Uxban homes in Madrid.

Terrace of one of the Uxban homes in Madrid.

“Allocating more than a million euros or more is reserved for young entrepreneurs in the world of technology, successful internet content creators, investors in cryptocurrencies or simply for having inherited liquidity due to the death of a direct relative. But we can speak of an important and generalized young audience at the level of luxury home users, where the parents are the ones who make the disbursement “, he emphasizes.

For Robles, the luxury sector is the propitious testing ground for all kinds of solutions that reduce energy consumption in a home, above all, because some require heavy investments that not all pockets can afford: “We speak, for For example, aerothermal or geothermal energy, easy to install in single-family homes. It is also worth mentioning construction standards such as the Passivhaus, whose level of energy efficiency is applicable to any type of building. Its measures include the quality of its thermal insulation in facades and its windows and glass composition ”.

Currently, he says, The entire industry that feeds the construction sector is betting on manufacturing more efficient elements, that consume less or that give more performance to one watt of energy. “But it is a change that will still be slow,” laments Robles.

What city?

  • Large capitals. Gonzalo Robles, from Uxban, affirms that location is the primary element in decision-making about buying a home, also among young people. “Madrid and Barcelona are two preferred destinations thanks to their powerful educational offer, especially if we talk about business schools, which move students from all over the world with good purchasing power,” he says.
  • Near the sea. In relation to the fortunes related to the digital world, the CEO of the real estate company highlights that the locations with the sea acquire relevance, since they can monitor the business from any point. “The momentum that Malaga and its surroundings are having is admirable,” he confesses. Álvaro Martínez, from Barnes, adds Mallorca to this new trend.

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