Trends 2023/2024: Real estate trends – global changes

In the coming years, the real estate market will respond more deeply to the world’s problems – climate change, global health, and social order. Developers will take into account changes within and between cultures.

Recent trends in real estate are characterized by a variety of factors – both positive and negative. Prices continue to skyrocket, partly due to the pandemic, but also due to the emergence of a new demographic of buyers – the millennials. Real estate market forecasts for 2023 are driven by climate change, a new way of life that involves a work-life balance, the development of transport networks that allow active development of the suburbs, and the fashion for biophilic design.

Millennials as major homebuyers

Millennials now dominate the home-buying market. Representatives of this generation have found stable jobs and can boast of a good income. Most millennials prefer middle to upper-middle-class homes. To enter this growing market, sellers are actively using the Internet: millennials are known to first study the information on the network before making a purchase decision.

Biophilic design

Today, biophilic design is a movement, not a trend. The biophilic design focuses on the human connection between nature and the environment. This trend in interior design incorporates plants and nature into everyday spaces. This style is leading the way when it comes to new homes and developments in the US and Europe. The connection between man and nature is provided by plants, fountains, terraces, and gardens, as well as views of open landscapes.

Energy-efficient buildings

According to the analysis, reducing heat losses in homes is much more effective in the long run than subsidizing rising bills. Experts warn that the planet will experience a serious energy crisis if there is no effective plan to improve the performance of old houses. A growing body of research highlights the urgent need to reduce wasted heat. This means a transition to other construction technologies using innovative materials in the near future.

Preference for ecological regions

According to statistics, in the United States, among the types of housing purchased, 83% are detached single-family homes. At the same time, 50% of these houses were located in the suburbs, 22% – in small towns, 13% – in urban and rural areas, and 2% – in resorts or recreation areas. This shows a preference for a more accessible environment. The trend is clear to all industrialized countries and will continue into the future as greener and simpler living only gains momentum. In fact, a significant number of the world’s urban dwellers (66%) want to move to smaller cities with low costs but the high quality of life.

Flexible house

The next decade will be incredibly interesting in terms of the transformation of buildings. Flexible complexes, combining all types of activities – from offices to community centers, educational institutions, and residential apartments, will appear more often. The pandemic has forced people to work and live differently, and it appears that many real estate sectors can operate with greater flexibility. Recent years have significantly changed the expectations of how people will use real estate in the future. The trend celebrates the work-life balance, as well as the importance of convenience and productivity. Homes are now being arranged to better suit the new style of use, especially with the increase in work and shopping from home. 

Hybrid landscape

Hybrid spaces will increase in value in an increasingly changing landscape. In the coming years, we will see more hybrid-distributed jobs that allow workers to live in affordable cities. Optimizing corporate culture in this new hybrid reality will be a challenge for decades to come. It will constantly evolve with the advent of new communication tools. In this context, the importance of experiments will increase. New operating models will force tenants to go beyond their traditional building preferences. 

A Health-Oriented Architecture

Increased attention is now being paid to “healthy” buildings, during the construction of which technological ventilation systems and safe materials were used. Old houses with outdated air exchange systems and floor plans are being considered less and less. The statistics mark a “flight to quality” and show interest in new buildings of a certain type. What matters is what the buildings are made of. These can be materials made from recycled or alternative resources. In the first group, materials are reused because this concept is the best way in the field of sustainable construction. As for the second group of materials (cork, bamboo, engineered wood, etc.), they do not harm the planet.

City of the future

In the near future, the offensive of the “suburban future” is expected. However, city centers will retain their attractiveness, as cultural institutions are concentrated in them. The heads of investment companies note that in recent years, young people, who usually replace the elderly in the urban sector, do not tend to move to the center. The delayed request of 18-30-year-olds to move to cities could mean increased development of outlying areas.

Modernization of the urban landscape

Most cities have changed in the last couple of years. Their landscape has changed visually and functionally. The distribution of public space is shifting in favor of open parks rather than transport. Parking lots are replaced by squares and street cafes. Even the term “slow streets” has appeared, denoting the priority of pedestrian traffic over automobile traffic. Unusual parks become a separate tourist attraction: Xuhui Runway Park in Shanghai, Renaissance Park in Chattanooga, or the Shanghai Quarry Garden with floating walkways in a flooded quarry.

Modular construction

This is another famous concept that more and more people are interested in. The idea behind modular building is very simple: instead of completing every part of the building process on the actual building site, companies do some of the work off-site and then just finish everything on-site.

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