Riding the silver tsunami : senior housing
In the 1985 sci-fi movie ‘Cocoon’, seniors escape their retirement community to swim in a magical pool, gaining a new lease on life. While science hasn’t caught up with fiction, average global life expectancies have risen remarkably by eleven years (from 62.73 to 73.16) and continue to rise.
This means that global demand for senior housing is surging. Australia excels in this field. About 6% or 221,910 Australians, out of a population 3.7 million, aged 65 and above, choose to live in retirement villages, that offer independence, recreation, and healthcare. The appeal of these villages lies in its unique blend of essential services and top-notch amenities for a maintenance-free lifestyle, which align with evolving retirement preferences.
Across Asia, nations strive to replicate Australia‘s success. India boasts a senior housing market of US$10.15 billion, which is projected to grow annually by 10%. However, challenges include limited understanding of elderly needs and complex financial models.
Singapore, too, faces challenges with a rapidly ageing population – 16.6% of its residents are aged 65 and over. Issues confronting the authorities on the development of senior housing includes high land costs, affordability, and accessibility, especially for lower and middle-income individuals.
Promising opportunities lie for those with expertise in elderly care and a grasp of funding, whether private or public, to address the growing demand for senior housing before the ‘silver tsunami‘ overwhelms societies.
How can India, Singapore and other countries mirror Australia’s success in senior housing?
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