Investment in senior living reaches 100 million in Spain

Investment in senior living reaches 100 million in Spain

In 2021, the first joint ventures specialized in this segment were formed. The first senior living developments in Spain were conceived with different operating models, outsourced and even in some specific case developed in-house.

The segment is changing: assets for people over 65 include a wide range of activities and promote an active life. The building is designed with this goal in mind and it includes leisure offer. At the same time, it adapts to the specific needs of older residents, such as fewer stairs or wider doors to give access to wheelchairs, as well as services that limit home maintenance work.

«2022 has been a turning point for the Senior Living segment with the registration of the first operations of this type of product and with very favourable growth prospects for the coming years», said Miriam Goicoechea, director of research at CBRE Spain. Between January and June, these specialised assets will add more than 450 new beds and an increase in supply is expected within three years, according to the consultant.

Services, the key

«It is increasingly important to provide the client with solutions that take into account the new lifestyles and social, cultural and demographic changes that are underway. Demand seeks greater quality in the housing space and a greater range of services, adapted to their vital moment», said the head of senior housing at CBRE Spain, Borja Martiarena.

Offer for this sector is still incipient, but different typologies for these assets can already be observed, from basic services and facilities to high-end offer. This offer is currently present in different locations: Urban Senior Living (especially in Madrid, Catalonia and the Basque Country), Senior Living Holiday (in Catalonia, Costa Blanca, Costa del Sol and Islands) and Hybrid Senior Living (in Madrid, Catalonia, Costa Blanca and Costa del Sol).

«Life expectancy, longevity and quality of life in Spain are increasing and up until now this demand had not been met. These spaces are not nursing homes, although they offer basic health care and are connected to providers of such services as part of their lifestyle offer, they do not contemplate long-term chronic care or specialised attention to memory» explained Tatiana Abreu, director of people insights at CBRE Spain.

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