Thailand Property Market in Demand for Retirement Homes and Facilities

October 22, 2018 Thailand

Thailand, the Most Suitable Retirement Place, is Now in Need of Retirement Homes

The increasing elderly population in Thailand signals a new demand for retirement-friendly Thailand property. Among the Southeast Asian countries, Thailand poses as the most competitive country for elderly homes.

Phil Smith, CBRE Australia’s head of retirement and healthcare business, said that Thailand is, essentially, an “ageing society” in great need of specially designed homes with full services for the elderly. Therefore, he added that Thailand faces a huge opportunity in this market which would cater to both locals and foreigners.

The CBRE said that most of the leading Thailand real estate developers are now focusing on diversifying their market by including senior housing and aged-care facilities.

The “Ageing Society”

According to the National Economic and Social Development Board (NEDSDB), the total of elderly people in Thailand is at 11.2 million, taking up 17% of the 65.5 Thais. By 2024, Thailand is further expected to have the highest number of elderly people in Asia, said the World Bank.

Thailand Property Market in Demand for Retirement Homes and Facilities

Thailand’s improved medical care could easily be the cause of the longevity of Thais. However, it could also be attributed to the falling birth rates. Back in the 1960s, Thailand has an average of six children per woman. Come 2015, the average is now only 1.5.

The Demand for Senior Homes

Thailand has largely been adopting an extended family-style of living, with multiple generations living under the same roof.  As a result, the elderly are usually being taken cared for by relatives.  But, due to the movement from countryside to cities, this living has become somewhat impractical. This is why more and more retirees are in need of a home that would cater to their needs.

Owing to Thailand’s great infrastructures, top tourist spots, nice weather, and not to mention its lower cost of living compared to other Asian countries, both local and foreign retirees see Thailand as an ideal retirement place.

Because of this, Thailand has granted retirement visas to senior citizens from Japan, Britain, and South Korea for them to live in Thailand. Immigration bureau data revealed that foreigners aged 50 and above who have applied for retirement visas in Thailand have nearly doubled to 73,000 in 2017 from only 40,000 in 2013, says Reuters.

Moreover, the Bangkok Post said that the top five foreign buyers are from China, Hong Kong, Singapore, Taiwan, and Britain. With this high demand, it is now a good time to invest in a nice Thailand retirement home now. A Thailand property investment will have a great return, ensuring both income generation and a great retirement haven.

If you are looking for a Thailand property for sale or any Bangkok property investment, check our website now!

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