Young luxury buyers using Instagram, WhatsApp

The young buyer’s Agents are interacting with these clients on Instagram, WhatsApp and other types of social media. [photo: courtesy]

Who is more likely to buy a luxury property? The obvious answer would be high-flying business executives or in the local scene, big political types and wheeler-dealers. The trend is changing, though, according to an article by Mansion Global, which reports that today, a new breed of buyers has entered the scene.

“Forget about the starter home. This new buyer is young, tech savvy, well-informed and often purchasing their first piece of real estate, which just happens to be worth millions of dollars. Their number one goal is simple: achieving and maintaining a lifestyle for themselves that is comfortable and convenient,” said the report. For this group of people, their career paths are much different from the moneyed elite of years past because “this buyer — most likely a millennial tech entrepreneur, or if not, someone in music, entertainment, sports or heading up an already successful family business”.