Exploring "3 Mega Trends" in the New Normal lifestyle: How will the real estate business adapt? How much do developers need to change?

It must be acknowledged that the outbreak of the COVID-19 virus has rapidly transformed every aspect of life, serving as a reminder that, starting tomorrow, life may face new challenges and factors that can disrupt our existence at any moment.

Globally, there is a focus on how to adapt to the “New Normal”. In the real estate sector, it is essential to consider all factors that will impact living conditions, behaviors, and the changing demands of people, including...

1. Increased emphasis on health and hygiene 2. Growing trend of online shopping 3. Demand for housing that supports working from home 4. Flexible work arrangements, including location, time, and online meetings. All these factors must lead to 

5. A lifestyle that promotes work-life balance within an affordable housing budget. This presents a challenging scenario that requires long-term consideration of how life may need to change in the future and what aspects must be addressed.

According to a study by LPN, the current demand for housing (until we find a way to cope with the COVID-19 virus) consists of 3 Mega-Trends in the New Normal lifestyle, which are:

1. Better Wellness Living which includes health and well-being for both body and mind.

2. Better Balance Lifestyle refers to the desire for an improved quality of life, considering a balanced approach to living and working, such as having more usable space that can be adapted as needed.

3. Better Virtual Livable Community involves the development of technology and innovations that support a collaborative living environment.

These 3 Mega-Trends require factors that address their needs, summarized in short keywords: 1. Touchless - minimizing contact to support health and well-being; 2. Affordless - with adaptable functions to meet future challenges; leading to 3. Worryless - promoting mental well-being and security, regardless of future crises.

  • Better Wellness Living includes:

Health & Hygiene: Managing community spaces with a focus on hygiene and promoting well-being for residents.

Waste Management: Addressing the increasing volume and types of waste, such as disposable masks, which create hazardous waste, necessitating more effective waste management in communities.

Clean and Care: Implementing deep cleaning practices with a focus on hygiene and a healthy environment.

  • Balance Lifestyle is based on the concept of creating distance, both socially and physically, which has shifted consumer perspectives and demands for housing, emphasizing three main points:

⁃ Privacy: Designing housing to ensure privacy under the concept of Co-Separate Space, accommodating work-from-home needs while maintaining personal space with physical distancing.

⁃ Multifunction: Designing housing that can adapt to various functional needs.

⁃ Work and Life Balance: Creating living and communal spaces that support a balanced lifestyle and work environment in the format of Anything, Anytime, and Anywhere.

  • Better Virtual Livable Community includes:

⁃ Cashless Society: Utilizing cashless technology platforms that can support all transactions securely (User Friendly), considering all aspects of services after residents move in.

⁃ Work Live Learn and Play: Integrating technology to create a balanced environment for living, working, learning, and leisure within the same space.

⁃ Touchless: Developing touchless systems that integrate with security measures to reduce physical contact with others.

However, the integration of various technologies in housing development to meet all these needs represents a higher cost, which may impact the prices consumers must bear. Therefore, managing costs to ensure affordability (Affordable Housing) is crucial to ensure that no one is left behind, creating opportunities for everyone in society to have a home and improving quality of life without worries.

SOURCE : www.bangkokbiznews.com