KARACHI: Millennials are the largest group of online property hunters in Pakistan, according to recent research conducted by Lamudi.pk, the country’s best real estate website.
Lamudi reports that about 65% of its site’s traffic comes from millennials and that they make up approximately 75 percent of its social media audience. This data reveals the growing consumer power of the country’s 18-35 age group. It is a strong indication that real estate companies have a lot to gain by marketing services toward millennials.
Saad Arshed, Country Director of Lamudi Pakistan commented on millennials’ influence: Our research proves that millennials are not only the future of the real estate business in Pakistan, but they are also of present. Millennials in Pakistan want to access real estate platforms on the go, they want to be on the way to work and look for a house, or sit comfortable in a cafe double checking available properties whilst they wait for friends. Lamudi provides exactly that with its extensive social media presence, it’s easy-to-use website and its mobile apps for both Android and iOS. We are with them every step of the way
For many Pakistanis, the prevailing assumption is that older, more established individuals have more interest in real estate than younger ones. This assumption leads firms to dedicate more of their resources to more seasoned generations. However, millennials are increasingly in a better position to buy real estate. They are known to take more financial risks than their older counterparts, which means that they generally have a higher earning potential.
A great deal of property queries are now coming to Lamudi through social media, indicating that the Pakistani millennial population are looking to buy, rent, or sell property and want to communicate with brands the quickest way possible – social media. Hence, going forward it is all about the right marketing strategy to fully capture the millennials segment.