Demand for retirement estates continues to outweigh supply
A report commissioned by the US government, called An Aging World: 2015, found that 8.5% of people worldwide (617 million) are aged 65 years and over. This number is estimated to jump to around 17% of the world’s population by 2050 (1.6 billion). Closer to home, in South Africa, the baby boomers comprised 13.2% (7.1 million) of the 54 million population and, following the global trend, this is expected to rise.
“The growth outlined in these statistics is due to the extensive work done in South Africa to improve healthcare services in the country. Another aspect adding to the longevity of the elderly is that the ‘baby boomer’ generation, within their 50s and 60s, are remaining healthy and active, thus living longer,” explains Dave Cameron, Director of Cameron Property Group, developer representative for Mount Edgecombe Retirement Village.
He continues, “In the coming years, it’s evident that there are going to be far more retirees and in terms of infrastructure, South Africa isn’t adequately prepared to deal with this growth”.
Proof of this is the fact that many established retirement villages in South Africa have up to 20-year waiting lists, which highlights the lack of supply of retirement villages in the country. With the continuous growth of the average life expectancy, calls for more retirement living opportunities are in high demand.
“Although more retirement options are currently in the planning stage, in light of recent statistics, the demand will still outstrip the supply,” says Cameron.
An example of the level of demand that retirement developments enjoy, can be seen through the recent launch of the first phase of Mount Edgecombe Retirement Village. “The uptake of the Mount Edgecombe Retirement Village has been phenomenal. Prior to the development being released to the public, 60% of the units in phase one had already been sold,” highlights Cameron.
“The response proved that retirees are looking for security, single-level living, and most importantly, a dedicated and comprehensive healthcare option. Mount Edgecombe Retirement Village ticks all of these boxes,” he says.
Mount Edgecombe Retirement Village is situated within Kindlewood Estate along KwaZulu-Natal’s north coast. It is a modern, state-of-the-art and secure estate featuring 1, 2 and 3 bedroom units. Residents have unlimited use of the lifestyle facilities within the Kindlewood Estate and are provided with a world-class healthcare facility managed by South Africa’s leading provider Totalcare. Their comprehensive and effective multi-disciplinary care and services are offered to residents all day and night, 7 days a week.
A development conceptualised by Collins Residential, a global leader in property development, Mount Edgecombe Retirement Village will also offer 32 frail care units, and 48 assisted living units.
“We are eager to be able to help answer these high demands and develop a retirement village that provides more than just a home, however South Africa has a long way to go in order provide enough opportunities for those entering or considering their retirement years”.
Cameron ends, “With phase two and three yet to be launched, it is without a doubt that the Mount Edgecombe Retirement Village will continue to experience success. As the elderly are living extended, happier and healthier lives, so will the demand for many more retirement estates and homes will increase. The Collins Group has identified this need, and created a superior retirement development solution, that could prove to be the answer for our retirement market, and also effectively be used in rolling out future retirement focused developments.”