Being in a transition from an ageing society to an aged society, demand for housing facilities intended for the elderly in Thailand has risen. In this market, there are developers in both the public and private sectors, and for private projects; they may be classified into two types: 1) general residential projects with accommodative functions for senior residents; and 2) retirement community projects.
Investments are ongoing for private residential projects for aged people with focus on the general venues that can also accommodate the elderly, given a large potential market. Not only multi-generational families, businesses may also tap into general buyers who buy the residence for their future use.
Meanwhile, retirement community projects will likely expand as well. KResearch expects that, between 2018-2020, investments in large-scale retirement community projects in suburban and provincial areas could total approximately THB6 billion. With the current value of those projects being THB21 billion, fresh investments will then add up to an aggregate amount of THB27 billion by 2020.
Although the number of seniors in Thailand has steadily increased, most of them are low-income earners with low saving levels. Amid this situation, the residential market for the elderly is quite limited. However, personal savings and the personal savings to income ratio in Thailand tend to rise; therefore, the group of middle-income seniors will expand, presenting promising opportunities for residential project developers in the long term. A key success factor toward sustainable growth is comprehensive service provision for the elderly, for example, management services for their finances and interests, and legal facilitation such as estate administration. Property developers may team up with various business partners with particular expertise to create reliability to their projects. With this in mind, developers will be able to attract seniors as customers and to gain their trust and choose to buy a retirement home with those firms.
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