“As an architect, you design for the present, with an awareness of the past, for a future which is essentially unknown.” These are the words of eminent British architect Norman Foster. Albeit a general statement about architecture, it also resonates with the property world, which is redefining itself in the face of the “new normal”.
Many of the property trends we are seeing may be spillovers from last year, but with everything turned on its head—and looking to remain so—these shifts could evolve into criteria for the long term. Here, we take a closer look at the growing real estate trends in Singapore.
1. More millennials are moving out of family homes
In the past year, we have spent more time at home due to telecommuting arrangements and other measures in response to the Covid-19 pandemic. Our family members have suddenly taken the place of our co-workers. While this may sound like perfect grounds for familial bonding, it has blurred the boundaries between work and leisure within our homes.
Jacqueline Wong, executive director of residential services at property management company Savills Singapore, says that this has set off the trend of adults who stay with their parents now wanting to purchase a studio or a one-bedroom apartment, or even lease a similar property for more privacy.