This innovative real estate concept appeared several years ago but became globally popular recently. The idea behind it is to offer an affordable living solution to millennials who, due to their hectic urban lifestyle, feel isolated and somewhat lonely.
Co-living combines private living spaces with premium communal facilities and organised events, thus encouraging interaction among tenants and improving their quality of life. In most cases, this means that tenants get their private apartment (with bedroom, bathroom and living room), but share other spaces, such as kitchen, laundry room and various premium facilities and amenities.
A recently upgraded concept, known as co-living 2.0., includes kitchenette within the unit and therefore offering more comfortability turns this trend into a mainstream.
Rent a Lifestyle
Offering tenants a sense of community, sustainability and collaborative economy co-living gained popularity among Millennials individuals, freelancers, students, digital nomads, young professionals, as well as young families. Co-living allows like-minded expats to socialise outside work and grow together professionally and personally by networking, forming new friendships and supporting one other.
Co-living goes further than offering a simple living solution, it offers a lifestyle. In many cases, this concept includes co-working areas, allowing freelancers and people who work from home to base their business there.
Co-living in Dubai
Several co-living projects are emerging in Dubai, raising interest among many potential investors and tenants. The Dubai-style co-living concept comes as enhanced co-living 2.0. version providing additional comfort and luxury with premium facilities and amenities. This type of projects is ideal for both investors and end-users. High demand for this concept and its affordable prices, ensure instant ROI and steady rental yields for the investors, providing at the same time perfect living solution for sociable expats in pursuit of low-cost apartments. With Millennials who prefer to buy experiences rather than things, renting a lifestyle seems to be the future of real estate.