5 Property Trends in 2024 You Must Know

zajpreneur By zajpreneur
8 Min Read
5 Tren Properti di Tahun 2024 yang Wajib Anda Ketahui
"Property market" by Alan Cleaver is licensed under CC BY 2.0

jlk – You might think that 2024 is still far away, and you have plenty of time to prepare for challenges and opportunities in the future.

However, did you know that 2024 will be a crucial year for the property world? Yes, 2024 will be the year of the presidential election, which will undoubtedly impact the economic, social, and political conditions in Indonesia.

Moreover, 2024 will also be a year full of changes and innovations in the property sector, including products, markets, and technology.

So, if you are a property business player, property investor, or just a property enthusiast, you must be aware of the property trends that will occur in 2024.

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This way, you can adjust strategies, make decisions, and capitalize on existing opportunities more effectively. Now, here are five property trends in 2024 that you should know.

1. Land Buying and Selling

Land is an asset that consistently appreciates over time, especially if it’s in a strategic location, such as near the city center, business district, educational center, or tourist attractions. You can seize this opportunity by buying and selling land.

You can look for inexpensive but potential land, purchase it, and hold onto it for some time. Afterward, you can sell it at a higher price.

Alternatively, you can buy land with existing structures, renovate or remodel the buildings according to market needs, and sell them at a higher price.

But don’t just buy land without considering factors like legality, location, accessibility, potential, and risks. Avoid getting stuck with disputed land, problematic land, or land that doesn’t meet your expectations.

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Be smart in gathering information about the developments in the area, such as infrastructure plans, regulatory changes, or social issues. This way, you can predict whether the land will appreciate or depreciate in the future.

2. Co-Living Space

Co-living space is a shared living concept that offers comfort, security, and companionship to its residents. Co-living spaces usually come with shared facilities like kitchens, dining areas, living rooms, workspaces, entertainment spaces, and more.

Co-living space is suitable for those in the property business targeting the younger generation, such as students, working professionals, or digital nomads.

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You can build or rent a spacious and comfortable house or building, then transform it into a co-living space with an attractive and modern interior design. You can rent it out per room or per bed to individuals interested in living together.

Co-living space is predicted to become more popular in 2024, aligning with the current lifestyle and needs of the younger generation. The younger generation prefers living in flexible, practical, affordable places and interacting with new people.

Co-living spaces can also address issues like limited land availability, high rental prices, and loneliness in big cities. Additionally, co-living spaces can serve as a platform for sharing ideas, knowledge, experiences, and business opportunities among residents.

3. Homestay

Homestay is an accommodation concept that offers a home-like experience for guests. Homestays are usually houses or villas equipped with complete facilities like bedrooms, bathrooms, kitchens, living rooms, dining areas, gardens, or swimming pools.

Homestays are suitable for those in the property business targeting both local and foreign tourists. You can build or rent a house or villa in an attractive tourist location, then turn it into a homestay with a cozy and homey interior design.

Homestay is a property trend that will continue to grow in 2024, meeting the desires and needs of current tourists. Travelers prefer staying in comfortable, clean, safe, and private places.

Homestays can also provide a more authentic, local, and personal experience for tourists, allowing them to immerse themselves in the local culture, traditions, and daily life.

Moreover, homestays can be an alternative for budget-conscious travelers, as they are usually more affordable than hotels or resorts.

4. State-Owned Properties

State-owned properties are assets owned and managed by the government, both at the central and regional levels. State-owned properties can include land, buildings, or public facilities used for government purposes, public services, or community welfare.

Private parties can also utilize state-owned properties for business, social, or cultural purposes, subject to government-defined conditions.

State-owned properties are a property trend gaining more interest in 2024 due to several advantages:

  • Strategic locations, often situated in city centers, close to public facilities, or with historical value.
  • Affordable prices, usually lower than private-owned properties or even free, depending on the type and purpose of use.
  • Official, secure, transparent, and accountable, as all assets are directly managed by the government and come with clear and complete legal documents.
  • Various property consultation services from certified professionals, assisting in planning, development, licensing, maintenance, and property marketing.
  • Collaboration programs for property utilization can be customized to meet your business needs, such as leases, operational collaborations, management collaborations, and more.

5. Technology-Based Properties

Technology-based properties are properties that utilize advanced technology to enhance the quality, comfort, security, and efficiency of the property itself. Technology-based properties can include smart homes, smart buildings, smart cities, or smart properties.

These properties are usually equipped with features like sensors, cameras, alarms, voice control, remote control, mobile applications, or artificial intelligence, regulating various aspects of the property, such as lighting, temperature, humidity, cleanliness, security, and energy savings.

Technology-based properties are predicted to become more popular in 2024, aligning with the current development and needs of society. People tend to prefer living in smart, modern places.

However, technology-based properties also come with their own challenges and risks, such as high construction costs, dependence on internet connectivity, vulnerability to cyber-attacks, or privacy and ethical issues.

Therefore, you should be cautious in choosing and using technology-based properties, always staying updated on the developments and regulations related to such technology.

Those are the five property trends in 2024 that you must know. I hope this article is helpful for those interested in the property world, whether for investment or business purposes. If you have any questions, suggestions, or critiques, please write them in the comments below. Thank you for reading this article, and see you in the next one!

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