SHG

PROJECT DIRECTED BY Liv Culling

WRITTEN BY Frew Murdoch

Co-Living vs the Cost of Living

Strategic Housing Group offers an innovative solution to housing affordability challenges for digital natives.

The last two years will be etched into the future’s history books courtesy of the COVID-19 pandemic and the war in Ukraine. Both events have contributed to widespread suffering and a fragile world economy. According to the United Nations Global Crisis Response Group on Food, Energy, and Finance, 60% of workers have lower incomes post-pandemic, which coupled with the cost of living crisis, is a recipe for disaster.

People are having to ‘hustle’ now more than ever and tighten their belts in unconventional ways. An example of this occurred during the pandemic when many families whose members

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were living independently decided to cohabitate to assuage the financial strain and isolation attributed to the coronavirus.

Interestingly, this idea of ‘co-living’ has become increasingly popular in the real estate world. Housing startups offering affordable accommodation occupied by numerous roommates are on the rise. These shared spaces include everything from freestanding houses for non-related people to commune-style high-rise apartment blocks and hotels.

Strategic Housing Group (SHG) is a real estate investment management firm that specializes in dedicated housing properties for young professionals, trainees, executives, and higher education students. Headquartered in Dubai International Financial Centre, the firm developed and currently operates, the Myriad brand, which comprises the first fully-integrated student co-living communities in the Middle East.

SHG’s mission is to provide secure, modern, and appropriately-priced co-living spaces based on a comprehensive analysis of today’s housing market expectations. The firm’s vision is to continue to grow globally as a market leader for hybrid hotel brands and living communities throughout Asia, Africa, and the Middle East.

The main reception at The Myriad, Dubai

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Power in partnerships

Together, with their global alliances and partners, SHG creates high-quality and attainable living communities that offer social and economic value for their stakeholders. SHG places a heavy emphasis on collaboration and the importance of strategic partnerships and relationships, such as those it shares with Asset Living, Arbah Capital, private and public investors, and relevant authorities.

SHG’s partner Asset Living is the largest student housing organization in the United States with over 160 000 student beds under management and over 40 years of experience in the industry. Asset Living holds a growing portfolio that includes hundreds of properties globally. The company provides services in property management, asset management, development, and investment services.

Another key partner, Arbah Capital, recently entered into an ambitious joint venture with SHG to roll out Dubai’s first co-living hotel chain, Innov8. Arbah Capital provides investment solutions to a broad array of investors with the understanding that the real estate market presents a desirable and lucrative investment sector for their clients.

Commenting on the venture with Arbah Capital, CEO of SHG Vikram Rao said: “We are honored to start this project in today’s fast-paced market with the specialists of the region, especially when it comes to real estate development and technology-driven product roll-out.”

Find out more www.dynamic-av.ae

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The Gulf cities of Riyadh and Dubai are the first regions to be graced by Innov8 hotels. The brand will expand across dynamic cities, with hotels close to technology hubs, commercial centers, airports, and industrial zones. The venture envisions a half-billion-dollar portfolio.

Innov8 Living communities offer two different accommodation models. The portfolio’s hybrid hotels belong to the property collection under i8 Hotels and the co-living residences are clustered under the umbrella of i8 Homes.

Innov8 accommodations are targeted at the digitally-savvy Gen-Z population for whom technology is a huge priority in both social and work spheres. Similar in concept to the cosmopolitan co-working coffee shops that are popping up on a seemingly daily basis, these fusion homes and hotels are designed to support technology-centric contemporary living. Innov8 aims to complement the online remote work environment by offering the perfect living space for up-andcoming professionals - in a manner that suits both their career needs and their budgets.

SHG tackles the affordable housing challenge by taking an approach that focuses on providing dedicated housing with features that guarantee convenience, comfort, and ease of access to individuals’ places of study and work. As an example, Innov8 properties offer private rooms and studios as well as communal spaces like kitchen lounges, eateries, self-service laundry facilities, co-working areas, gyms, convenience shops, and recreational spots. In so doing, these developments answer the call of a work-hard, playhard generation.

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Co-living: here to stay

The disheartening events of the last two years may have had an impact on living situations across the globe, yet, it seems that co-living was on the rise even before 2020. According to a US Census Bureau report, in 2005 the majority of young adults (18 - 34 years) lived independently in their own households in the United States. This was the predominant living arrangement across 35 states. However, ten years later, only six states reported a majority of young people living independently.

The trend is not unique to this superpower. In China, multi-generational homes are the norm and in Hong Kong, one of the most expensive real estate markets in the world, many young adults live at home with their parents as a means to save money. In big cities like London and New York, the competitive real estate landscape makes living alone financially unviable. For newcomers, this paints a bleak and lonely picture as they cannot share a home with friends or family. All signs appear to suggest that co-living is an innovative solution to a steadily-worsening problem.

The Innov8 brand’s co-living approach gives flexibility to short-term visitors and longer-term residents due to the various lease options and services offered. This adaptability in combination with the development’s affordability, convenience, security, and community comes at a time when it is most needed. Together with its key partners, SHG offers safe and fulfilling living community developments that yield success socially and economically.

www.strategichousinggroup.com

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