Millennials do not need expensive housing: they prefer co-living, which is a hybrid of a hostel and a co-working space, said Alexei Raskhodchikov, deputy director for external communications at Mosinzhproyekt engineering company, during the PROEstate International Real Estate Investment Forum on September 18.
“A new generation has just joined the economy; they were raised by the internet, spending there up to six hours every day. They don’t need anything besides a café with a Wi-Fi access. Yes, they need to sleep somewhere, but they don’t think about comfortable living. So, a new type of housing, co-living, and new types of offices, co-working, have appeared,” the expert said.
According to Raskhodchikov, the new generation will be in the center of a smart city, which, in addition to smart technologies, will comprise a smart community.
“Cities are already the main drivers of economic growth. Therefore, Russia needs to adopt the best international practices and a complex development approach. However, Russian businesses are reluctant to do so; they prefer building high-rise apartment blocks without any infrastructure such as retail shops, offices and restaurants. Therefore, state support measures are required here, plus involving investors in this type of development,” Alexei Raskhodchikov concluded.