How we live and work is changing fast and high rise living is becoming a trend. Picture: SUNDAY TIMES

How we live and work is changing fast and high rise living is becoming a trend. Picture: SUNDAY TIMES

The needs of millennials are very different to those of their parents. How we live  and work is changing fast.

Globally, millennials are moving to suburban “town centers”. In these centres, you can live, work, play, eat and shop. These places aren’t just trendy, but walking or cycling to work eliminates much of the stress that goes with living far away from what you need.

South Africa is no different to the global trends.

An international study entitled The Business of Cities, found that scarcity of land around major metropolitan areas is becoming an issue. Cities are expanding, but transport infrastructure growth lags behind.

In South Africa there has been a growth in the urbanised population from 46.6% in 1960 to 64.3% at the end of 2014, according to data published by the World Bank.

While South Africa’s cities are not quite at the level of urbanisation of the United Kingdom and Europe, South Africans are slowly starting to embrace the high density living.

Full title properties remain one of the most attractive property types for South Africans, but a survey by Absa showed there is a higher demand for high density living than the property stock currently available.

The property stock in SA currently consists of 82.7% full title properties, 12% sectional title and 5.3% estate developments. In the last 20 years flats and townhouses have made up 26.6% of newly completed buildings.

In the last three years 63% of all residential development units financed by Absa were sectional title units.