At 56 years of age, Dominic is just done constructing a breathtaking castle for himself and his family, at a well tucked away address. This is his special get-away place; his second home which he intends to be using to spend his weekends and holidays. Dominic is actually on the roll and nothing seems to be stopping him from making huge, life-changing investments – Certainly not money.
And Dominic isn’t alone in this kind of a lifestyle though. His, is in a special league of men and women popularly known as the baby boomers. Currently just between 50 and 70 years of age, this class of persons are moneyed and very engrossed in making up for any opportunities genuinely or imaginary missed in their 30’s and 40’s.And they are stopping at nothing while on it.
A latest PWC study has pointed out that these baby boomers are the next big thing, especially in real estate investments as we march towards the year 2018.
These baby boomers or the so-called pig in the python of demographic studies are the demographic cohort whose birth years range from 1946 up to around 1964.This study, emerging-trends-in-real-estate – 2018, notes that this particular generation has demonstrated an extended capacity to surprise.
“Untold numbers of forecasts predicted that, by 2018, the boomers would be swelling demand for resort and retirement communities—or at least 55-and-older active adult developments catering to retirees or near-retirees. Freed from the ties of generational dependence, the boomers by now were anticipated to be footloose. If not taking to the road in their recreational vehicles, they were at least expected to be a “snowbird” generation with Sun Belt second homes or heading south for permanent residence,” notes the report.
These men and women who were born at the height of the cold war are well seasoned individuals who have tested a number of investment waters and matured in many of their dealings. They are now bringing this experience into an arena that is thought of to be solid, especially as they hit their last punches.
“On one hand, boomers have been forced to be resilient, and on the other, that resilience has given the economy and real estate markets some flexibility that will be a positive factor as trends evolve through the next few years,” says the report.
So, are there any baby boomers in Africa? – Certainly. It is all about a specific cohort,off the entire population. And given countries like Kenya and her peers are really improving on the life expectancy front – According to World Health Organization, Kenya’s life expectancy (2015) stood at 61 (male) and 66 (female) – this cohort now has a good number of healthy men and women, some of whom are just exiting the stage of active formal careers, with lots of disposable income, it must be added.
So, the best thing you can do right now may just be to step back and watch these young folks at heart, taking charge of – amongst other key aspects of our economy – the real estate souk.