Smart Sustainable Cities #3
Egypt’s real estate market has been thriving in recent years with developers barely catching up to satisfy the increasing demand. However, as a country with a young population of median age 32, the millennial generation will impact demand mechanisms through their choices in the coming years.
According to multiple studies, the millennial generation is more environmentally conscious and undoubtedly more technologically advanced, choosing to lead a life and make purchasing decisions based on values and convictions such as environmental friendliness, zero-waste, and how smart services are. This will essentially also impact the real estate market, with the millennial generation becoming the largest consuming sector with the highest percentages of purchasing power, their values will undoubtedly drive demands and force supply to change accordingly.
In the coming years, developers will have to abide by better sustainability standards through offering more environmentally friendly developments and construction processes that can also utilize technological advancements to improve efficiency and decrease waste.
As city residents, this also means that we have to re-think our purchasing choices, understanding our responsibility to shape our society, economy, and culture through making more environmentally friendly choices that can be smarter and more sustainable for our beloved country and planet.