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Prosperity Paves Way for Opportunities in Seniors Housing

Strengthening economies and a growing middle class have created a demand for modern senior living and healthcare product in countries across the world.

By Sule Aygoren Carranza | Updated on November 04, 2008

[IMGCAP(1)]Globalization has led to significant economic and cultural shifts in developed and emerging countries alike. And as cultures adopt increasingly Western attitudes, practices that were once seen as strange or foreign become the norm. So is the case with seniors housing, which is gradually making its way into many new markets across the world.The seniors housing concept–namely, assisted living–was actually adopted in the US from Scandinavia decades ago, according to sources. Yet it was in the States that the concept matured and was made into an industry. Now, that sector is in various stages of becoming a full-fledged industry in countries in Europe and Asia, as well as the continent of Australia, say observers.

There have already been a handful of firms that have taken the concept abroad. Sunrise Senior Living, for instance, has developed assisted living and Alzheimer’s care communities in the United Kingdom and Germany in a joint venture with Prudential Real Estate Investors. Holiday Retirement Corp. has independent living properties in the UK as well.

And there’s reason to believe an increasing number of firms are looking to bring the product to other countries. For one, observers report a higher degree of attendance by European and Asian investors, developers and potential operators at senior living-related and healthcare-related conferences. In fact, the National Investment Center for the Seniors Housing and Care Industry has featured an international roundtable at its annual conference for two consecutive years, with growing attendance.

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