Opinion: High net worth millennials are passing on the fixer-upper villa in Tuscany in favour of modern towers in global cities
The millennial generation have different tastes and attitudes to their now middle-aged Generation X forebears. As they move into their thirties, they are playing an increasingly important role in the international property markets and many have significant buying power, either through inheritance or their own entrepreneurial flair.
Previous generations favoured a stand-alone villa they could retreat to for a few weeks a year. Inspired by A Year in Provence and Under a Tuscan Sun, they dreamed of taking on rural wrecks, determined to create the rustic idyll they had read about.
The High Net Worth millennial, however, is likely to be an urbanite at heart. They love the major world cities that give them modern living, access to culture, sport and a 24-hour lifestyle. London, Berlin, Barcelona, Madrid, Miami, LA and New York exemplify these and have the amenities and facilities at their heart. This need for a city buzz is not just for a second or weekend holiday home; they are increasingly looking for the same quality of life in their primary home and they are not afraid to move or combine a place to work with a place to live and play.
Miami is the perfect example. Once known as the retiree destination for the American snowbirds, the city has reinvented itself as a cosmopolitan and financial hub that is as much a place to live and work as it is to holiday.
Millennials prefer modern buildings with lateral living, parking, a concierge, gyms and spas. They enjoy modern art and architecture and make great customers for the bars, coffee shops and restaurants, eating out socially more often than previous generations. They are not great commuters, preferring to live and work in the city centre and will hire a car rather than buy their own.
Miami is the perfect example. Once known as the retiree destination for the American snowbirds, the city has reinvented itself as a cosmopolitan and financial hub that is as much a place to live and work as it is to holiday. There is a burgeoning arts scene with new theatres and galleries and the central business district, Brickell City Centre, has been transformed thanks to a $1.05bn redevelopment.
This 4.9m sqft mixed-use development offers its residents and workers everything they need in one place. South Beach remains the preserve of the holiday maker, but Brickell is the choice for young professionals that work hard in order to consume hard.
Berlin typifies a newly revived city for a millennial generation. Home to tech start-ups, creative agencies and media, Berlin has benefited from having large prime sites in the centre of the city that have a regenerating effect on whole areas. Developers now look to integrate commercial space with retail, restaurants, gyms and residential within the same building.
This is perfect for our millennial who no longer lives in an apartment within a building, but enjoys the whole building, from the coffee shop on the ground floor to the rooftop garden.
Millennials look for the same amenities in their holiday homes and primary homes, but beaches, clubs and ski slopes take preference over a rural farm house and a pile of books. I, for one, think they have great taste.