Retirement property a growing demand
There is no doubt that the demand for retirement property has grown exponentially in the last year. Established retirement estates within KwaZulu-Natal are already seeing waiting lists exceeding 20 years. A number of aspects contribute towards the demand for retirement property, however one of the main reasons is that retirees are living longer, resulting in a larger retiree population year-on-year.
It is estimated that the average baby boomer, those who were born between 1946 – 1964, are living between 10 – 25 years older than their parents. As a result, it is understandable that the World Health Organisation’s World Report on Ageing and Health, project that the proportion of South Africa’s population aged 60 years or older will double from 7.7% to 15.4% of the country’s total population over the next 35 years.
With active ageing being adopted, and retirees having access to onsite care facilities, being 70 years old has become the equivalent to 60 years. The continued demand for retirement property will continue to rise year-on-year. That is why investing in retirement property will serve you well, whether you are looking at retirement options for the near future, or merely planning ahead. For those looking for retirement property now will be able to secure a modern lifestyle in a high demand market. While those younger will be able to benefit from the high demand as there will always be a need for rental opportunities.