Homes that cater to the needs of seniors popular among foreigners and affluent Thai’s
Senior housing projects have become important in Thailand as the country has an aging society now wanting places to live that cater to their needs. Senior housing developments in the luxury segment are now growing in popularity among foreigners and affluent Thais, according to new research from JLL.
The living environment, competitive cost of living, and affordable high quality nursing care are some of the reasons seniors from around the world choose to retire in Thailand. This is also something more Thai families are realising.
“Luxury senior housing market in Thailand remains relatively small but has a strong potential to grow. As luxury senior housing estates put a strong focus on quality of services for assisted living, modern Thai families are likely to become more comfortable with an option to send their aged members that lose the ability to live independently to better equipped senior homes,” says Suphin Mechuchep, Managing Director of JLL, to the Bangkok Post.
Domestic demand for luxury senior housing in Thailand has remained limited, however, as it does go against traditions. Some Thai families are embarrassed about placing their parents in a senior living centre and opt to hire live-in caretakers instead. On the other hand, baby boomers prefer to live without family assistance and may select senior housing.
“In an increasingly modern Thai society, there is a growing number of affluent Thai baby boomers planning for active ageing without relying on assistance from their family members on retirement. This will translate into demand for senior homes in the future,” says Suphin.
Luxury senior housing is a market segment many developers are considering getting into, but there are many factors the companies must address before building. Some may not be equipped to provide all of the services senior housing requires and would be better off forming joint venture partnerships with international specialists.
“Asides from accommodation, age related services must be provided. These range from housekeeping, meals, medication management, and exercise activities to bathing and washroom assistance. These services need to be customised to suit changing needs of each senior, depending on age and health condition,” says Dexter Norville, JLL Director of Property and Asset Management.
This story originally appeared on DDProperty.com on 11 July 2017.