In a world that is constantly evolving, the real estate industry is no exception. From advances in technology to changing buyer preferences, the coming year 2024 promises a revolution in the way we buy, sell and interact with property. Real estate expert Karolina Kaim, CEO of Ellis, delves into the trends and evolutions that will define the world of real estate in 2024.
The real estate landscape has been extremely dynamic for some time, responding to economic changes, technological innovations and societal shifts. The pace of transformation has accelerated in recent years, leading to exciting opportunities and challenges.
1 The city-suburb trend
Cities, being centres of development, civilisation, change and knowledge, attract people like a magnet. At the same time, however, thanks to technological advances and the changes brought about by the COVID-19 pandemic, the boundaries between city and suburban life are beginning to blur.
We are seeing the emergence of a new phenomenon that can be called suburban-urbanisation. It is a trend that combines the comforts and conveniences of urban life with the proximity to nature and greenery characteristic of the suburbs. Wellbeing, health and comfortable living are becoming key factors.
“While cities remain attractive centres of culture and employment, the suburbs offer more space, tranquillity and access to nature, while providing convenient access to urban amenities. Suburban-urban is the perfect combination,” says specialist Karolina Kaim, CEO of Ellis.
It’s a change that can further enable people to spend more time in local communities and natural surroundings, which fosters stronger social ties and improves quality of life. “The Future of Housing Trend Report 2024” shows a growing trend among architects or developers designing new spaces. Their main focus is on building community, promoting local businesses, contact with nature and convenience to increase quality of life.
According to PWC and ULI data, the trend of looking for a place to work quietly, but surrounded by a large agglomeration, may continue until 2025.
2 Real estate as a service. Living “instant”
As the oldest members of Generation Z begin to take an interest in the housing market, their preferences are starting to shape the industry. This generation, which grew up in a technological world, places a high value on sustainability, technological integration and a sense of community. These values will become increasingly evident in the design and features of new properties.
Just as they chose cars or electronics, they are now looking at homes and flats. It is predicted that in 2024, this generation will start to look at housing more as a service rather than a permanent property.
Karolina Kaim, CEO of Ellis, said: “Generation Z people are starting to look at property as something that can be used without necessarily owning it. Rather than a permanent commitment, they will choose flexibility, paying to use different amenities in the locations of their choice. This gives them the freedom to choose where and when they want to live, work, stay for a while.”
3 The contemporary ‘dacha’
In response to changes in work and lifestyle, more and more people are choosing to invest in a second place to live. In premium real estate, contemporary “dachas” are becoming an increasingly serious trend – small spaces that allow you to take a quick trip out of town, spend time around nature, or lock yourself away for a few days to work in peace and quiet.
“Comfortable, fully equipped small flats, ranging from 30 to 50 square metres, are ideal both as a first home and as a place to spend leisure time close to nature or work remotely outside the big city. What’s more, if the flats are serviced or operated, a bit like a hotel, it will be ideal. We can expect such developments to appear in the near future,” says Karolina Kaim.
4 Smart technology in the home
Technology has simplified processes and every day we are getting used to making it easier and faster to obtain services and goods. Customers are looking for the same in more conservative markets such as real estate, the expert points out.
Among home builders, 34 per cent have opted for smart installations as of 2022, and by 2024, even more properties will include smart home features. Oferteo’s report shows that eight out of ten builders who have installed a smart home at their home plan to expand the system with more devices.
The attraction of smart homes for consumers stems from the ability to streamline and organise daily household chores and routines. Between work, raising children, having a social life or looking after their health or passions, consumers are increasingly turning to solutions that make their everyday life more manageable.
“Artificial intelligence will become an integral part of smart homes. Next-generation products use AI to adapt to the habits of homeowners, optimising living spaces based on lifestyles and daily routines,” adds Karolina Kaim of Ellis.
5. eco is a must
Clear climate change has become a matter of course for a large part of society. Every day, both in the domestic sphere and in the professional project, there is a discussion about sorting waste, using green energy and taking measures to reduce CO2 emissions.
In the context of buying a property, clients are increasingly seeking to engage in green practices. They want to be aware that their investment supports eco-friendly measures. With the increasing environmental awareness of society, this aspect is becoming increasingly important when deciding whether to purchase a new residence or property investment.
Summary
In conclusion, the world of real estate in 2024 is ripe for change. From popular suburbs to modern ‘dais’ to sustainable and smart homes, the industry is adapting to meet changing buyer preferences and technological advances.
The future of the property market is multi-dimensional, shaped by technological innovation, changing demographics and evolving values. Whether you are a buyer, seller or investor, keeping abreast of these trends enables you to make informed decisions and navigate the changing market landscape with confidence.
“For many years, people had to adjust to property because it was a large, often one-off investment, tied to the idea of one home for life. The property market was difficult and inflexible. However, this is now, for the first time in history, beginning to change. The property market has always reflected changes in society, fashion and lifestyles. Our experiences, the development of technology, artificial intelligence and the impact of the COVID-19 pandemic have changed us a lot. We are becoming different and with us real estate is also changing, starting to be more flexible and adapted to our needs. There seems to be no turning back from the trends indicated,” concludes Karolina Kaim, CEO of Ellis.
