Xennials Driving New Property Boom, Says Covercy CMO

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After surviving the financial crisis, the Xennials are back with a vengeance.

According to research by Covercy, the majority (38% of total transactions amongst all ages) of international property investors using cross-border payments were born between 1973 and 1984, a cohort known as the Xennials. In their late thirties and early forties, they represent the younger end of Generation X and the older members of Generation Y.

Many of them are at the coalface of their careers, but they’re also young enough to consider upping sticks and moving overseas.

Gidon Jablonka, Covercy CMO says: “After bearing the brunt of the financial crisis, people in this group are also far more socially conscious, globally minded and, crucially, less likely to trust banks with their money.”

A strengthening economy, rising housing prices, and a healthier job market have now put them back in the game.

The internet wasn’t a part of Xennials’ childhoods, but having hit maturity during the tech boom, they are savvy enough to use the new breed of international currency transfer platforms. Baby Boomers, on the other hand, tend to be less comfortable sending money abroad online, preferring to rely on bank transfers, even though the costs are often higher.

“We believe that Baby Boomers, now reaching retirement age, also have plenty of opportunities to invest in overseas property, but remain reluctant to use online money transfer services. However, those who are introduced to our services by their children are quick to understand the benefits of the simplicity, security and savings that are at the core of our fully regulated solution,” Jablonka added.

About Covercy: Covercy provides technological solutions for investors and businesses across a wide range of sectors. Its fast, efficient, and secure service powers overseas transactions at a fraction of the cost of traditional methods, thanks to a robust and user-friendly platform which speeds up communications and streamlines payments, saving clients’ time and maximising their profits.

Covercy Europe Limited is also a registered money service business by HMRC.

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Gidon Jablonka
Covercy
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