31.03.2023
The housing needs of Millennials and Gen Z have been documented in a new survey conducted by IMR/University of Nicosia research and sociology organization.
The results of a real estate market survey conducted in March with a sample of 1,200 people were presented at the 17th Conference and Exhibition on Land Management, Planning and Construction.
The aims of the study were to study general opinions and perceptions about the real estate market, to record the current life situation, to study attitudes and perceptions about life attitudes and the housing market, to study purchase intentions and the most important parameters that determine her decision to purchase real estate.
The most important developments in the Real Estate Market category that both generations know about include the rapid rise in prices for residential properties (84%), the rapid rise in prices for building materials (45%) and the increase in demand for apartments (23%).
Among other things, the survey showed that 69% of respondents live in a house, while 31% live in apartments.
Almost eight out of ten people living in houses answered that their housing is privately owned (79%), and 2 out of 10 live in a rented apartment.
The younger generation, as expected, mostly lives in apartments. However, 83% would prefer a house to an apartment, they admit.
Interestingly, seven out of ten say they are afraid to take on the responsibility of a home loan, which makes them rent a property.
As Christina Kokkalu , Managing Director of IMR/ University noted of Nicosia , who presented the most important findings of the study, 65% of millennials intend to buy a house for the purpose of permanent residence.
To the question “How did you acquire the house you live in today?”, 26% answered that the house belongs to their parents. 24% stated that they have a plot of land and have begun to equip their homes.
Slightly less popular is the answer “I bought a new home from a construction company” and the position that the home was purchased second-hand.
Subsequently, and to a lesser extent, respondents said that they had chosen a land plot and started to form their place of residence, that they inherited it from their parents, and sometimes that the place of residence belonged to their soulmate.
The location of the property is also a big advantage. The most important criterion, according to the study, is the safety of the area, followed by the quiet area and proximity to workplaces.
As for the form of financing that millennials intend to use to purchase their first home, most of them will apply to financial institutions for a loan and use their savings. Third party assistance and government subsidies complement the main options.
What is the result? Rent or buy property? 32% of boys and girls agree with the position “I believe that renting a house is more profitable than owning it” , while the percentage of those who disagree reaches 68%.
The study period is March 2023.
The study was conducted throughout Cyprus, in urban and rural areas.
Sample: 1200 people; men and women aged 18-58 years.
Method. Quantitative research through telephone interviews using a structured questionnaire.
