The demand for micro-living is growing as new lifestyles are embraced and millennials, in particular, look for location over square meterage.
They want to be close enough to the city centre to be able to walk, cycle, or rely on public transportation, says Alexa Horne, managing director of Dogon Group Properties.
Affordable self-contained, open-plan living space designed to accommodate a bedroom, sitting area and kitchenette in 14m² to 32m², situated in the city centre and close to all amenities is, therefore, hot property.
“Student accommodation investment is also considered a very lucrative market (outside of a global pandemic scenario), so micro-living apartments near to universities will enjoy demand from student tenants, bringing in ongoing rental returns.”
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There is also a “fairly wide” range of target demographics that are drawn to micro-living apartments, Horne adds.
“Micro apartments also appeal to new working professionals branching out from their childhood home, and business travellers of all ages who purchase these apartments to stay in whilst travelling for work.
There is also a market for the newly retired who are downscaling and wish to spend time travelling and not being hindered by the maintenance and upkeep of a larger home.”