With the highest share of elderly people of any developing nation in East Asia and Pacific currently living in Thailand, developers are having to find new ways to cater to the unique needs of the market. A total of 11% of the Thai populace, or 7.5 million people, are aged at least 65 years with the number expected to increase to 17 million people in 2040, according to the World Bank.
In other markets this would be a great opportunity for developers but Thailand is known for multigenerational households which can be harder for companies to build for. Some children are now hiring private nurses and nursing aides to help take care of their aging parents, especially since many elderly parents don’t want to leave their home.
“Some people are getting around this by living in a condominium where they own units side by side. But imagine that elderly people have some special needs. They need medical services on-call; they need slightly different furnishings from those for a 20- or 30-year old,” says Kipsan Beck, Managing Director of the MahaNakhon mixed-use project in Bangkok
There has also been growth in the luxury senior housing market which remains relatively small in Thailand. However, wealthy baby boomers are growing comfortable with the idea of active ageing, independent of family members, which has helped lead to the rise in upscale senior living facilities.
“Senior living in Thailand is a key growth sector that we will see over the next 10 years,” says Andrew Gulbrandson, Head Of Research and Consulting at Jones Lang LaSalle Thailand.
Among the most notable senior living projects to be launched in Thailand is Sunplay Bangsaray which is located in the Eastern Seaboard. Another senior living complex, Kamala Senior Living, can be found in Phuket. It is part of the MontAzure mixed-use development.
This story first appeared on property-report.com
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