‘societal sophistication’ drives home sales

Homebuyers will be very cautious but the satire interest of buying remains primarily due to ego, societal pressure or even therapeutic reasons, says an expert.

According to senior manager for research in Asia Pacific at Cushman & Wakefield ‘societal sophistication’ refers to structural changes in the society, where stakeholders are increasingly selective and in seek of products which are exclusive.

“As private residential housing can be a means of differentiating one from the masses, it is expected to be increasingly sought after by many home seekers who are financially confident in affording the purchase,” he said.

New projects with exciting features, thus, can also encourage some buyers who are financially confident to purchase private residential properties, according to the expert.

Mr. Ong also differentiated ‘societal sophistication’ from the notion of ‘excessive materialism’ as a reason for buoyant home buying.

“There are some who felt the increasing desire to own a piece of private residential property is a case of ‘excessive materialism’ but I would reckon it is not a case of determining whether the materialism is right (or not acceptable). I would reckon for the property sector, we will instead have to recognize these needs and in any case, the increased material needs are by products of sophistication in lifestyle, where people are leading a totally different level of life (in work, outside work and at home) compared to 5-to years ago. It can be also difficult for many who have reached a certain level in terms of lifestyle to bring themselves back to lower costs alternatives,” he said.

“As our society continually progresses, I would expect that consumers’ tastes will be increasingly higher and hence private housing should be increasingly sought after,” he added.

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