The travel bug has given a huge bite on the Generation Y. The millennials are not only known for being the high tech, social media generation. They are also known for being the generation that’s so keen with travelling.
And we cannot blame them. The sudden surge in economy and accessible transportation has created a huge wave of wanderlust towards the younger generation. Thanks to the improving expressways in both the North and the South, the millennials have no excuse to not enjoy long weekends on road trips. Piso fares and sales that airlines always promote during payday also add to the factors why the Filipino millennial loves travelling. Add to these is the need to update their social media with no-filter worthy photos of their weekend escapades.
This newfound love for travel of the Millennial Generation can create changes in many industries including real estate. Here are some of the most notable effects of the globetrotting millennial.
1. Increase in tourism
Travelling means that there will be an increase in tourism in certain areas. This is great for properties that are inside top destinations because there’s a huge chance that their properties’ value will increase. Tourism is also a way for developers to see the potential of a formerly secluded area, enough to build a development in that location.
2. Improvement of infrastructure
The Generation Y’s wanderlust can also lead to better infrastructures. New roads and expressways are expected to be built in the future, as part of the new administration’s aim in reaching the golden age of infrastructure. Improvement in infrastructures not only means two things: an increase in value of the properties that will be affected and a possibility of migration. Through good infrastructures, people will see the possibility of moving in a new location because the modes of transportation has been improved.
3. New batch of expats
We already mentioned the huge connection between millennials and their social networks. Thanks to their Instagram posts of their weekend shenanigans, many expats can be persuaded to visit the Philippines. Expats or foreigners who migrate to the Philippines are one of the biggest consumers of real estate in the country. Their possible migration will have a huge impact on the industry.
4. Better developments
A rush of tourism in a certain location can also bring in new and improved developments in the community. Look at what happened at Cebu. Because of its pull in millennial travelers and expats, Cebu became an IT center in the Visayas region complete with malls, restaurants, commercial and residential buildings. Sightings of these developments in an area means that the location’s value is improving and that there’s a sign of good buying power from the residents there.
The Millennial Traveler is surely a blessing in our today’s industry. We all hope that this trend will continue to flourish in the years to come.
