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The supply of housing in residential complexes for seniors exceeds 5,400 units “after the slowdown caused by the COVID-19 pandemic,” according to the sectoral observatory conducted by Informa D&B.

The report explains that, following the halt brought about by the health crisis in 2020, there is currently a "recovery" in the development of real estate projects aimed at seniors, in a "context of growing demand for products and services related to the elderly population, as a consequence of the global aging process."

"The changing expectations of the senior population regarding retirement, along with the increasing purchasing power of this segment of potential clients, are also contributing to the growth of the market," the study notes.

Spain, a retirement destination for foreigners

In this regard, the observatory also highlights Spain's "appeal" as a suitable retirement destination for foreign retirees, thanks to its climate, the quality of its tourism infrastructure, and its wide range of leisure and activity options.

As for the supply of this type of real estate product, Informa D&B estimates that the current private offering for seniors in Spain is concentrated in around one hundred complexes, with a total of 5,440 housing units—about 840 more than in March 2023.

Specifically, 49% of this accommodation capacity corresponds to market-rate apartments, 34% to units in agreement with the public administration, and the remaining 17% to "senior resorts," most of which are located along the coast and are heavily oriented toward foreign clients.

Insufficient supply

Catalonia, Madrid, and the Valencian Community are the regions that have achieved the greatest degree of penetration of this type of real estate product for seniors, both in terms of hosting the majority of existing units—more than 3,570 among the three—and for offering centers with a broader range of services.

Finally, the analysis indicates that the current senior housing supply provided by private initiative, along with a "very limited" public offering, constitutes an insufficient supply and reflects the low penetration of these real estate products in Spain compared to other consolidated European markets.

"Thus, the inauguration of several complexes is planned in the short and medium term, while those opened in previous years are expected to increase their occupancy rates," concludes Informa D&B.