Lifestyle retirement becoming ´big business´ in Europe

Senior living is a fast-growing market at both ends of the spectrum, experts agreed at Real Asset Media´s Senior Housing & Healthcare investment briefing, which took place online recently on the REALX.Global platform.

Other companies, like Aedifica, target the local market in countries like Italy or Spain.

¨Lifestyle retirement is a big business,¨ said Erol Riza, managing director, Mithra Capital Advisors. ¨I´ve been involved in senior living and rehabilitation since 2008, focusing on countries that offer a high quality of life, like Cyprus and Greece.” 

The Med countries offer sunshine, outdoor sports like golf, locations near the sea and good food at an affordable price. All these assets have become even more important after the pandemic.

¨People don´t want to live in a flat in the middle of the city anymore,¨ said Riza. ¨They want to have more space, clean air and a view. Med countries offer the possibility to enjoy the outdoors and a good climate which is good for their health. It´s a fast-growing market, so watch this space.”

There are two different types of senior  living in mature markets like the UK, he said. There is a distinction between the better off, who can choose upmarket residences like Riverstone in Kensington in London, and those who choose Mediterranean countries because they can retire in style at an affordable price.

Switzerland is also a mature, top-end market where people retire to enjoy a high standard of living and the best medical care available.

Switzerland combines landscape, leisure and medical facilities

¨There are many 4- and 5-star senior living residences in great locations by the lakes or in the mountains with access to good medical services,¨ said Laura de Wit, CEO, president of the board, founder, Miller White Group. ¨Many people from the US and the rest of Europe choose Switzerland because of the combination of landscape, sports and leisure activities and medical facilities.”

There is also an opposite trend: people from Italy, Spain or Portugal who have lived and worked in Switzerland for many decades tend to go back to their countries of origin when they retire.

¨They choose to go home, bringing their good Swiss pensions with them, so they can afford high quality care,¨ said de Wit. ¨It is a growing market that should not be underestimated.¨

¨In Southern European countries we look at local residents rather than expats because we target a bigger market,¨ said Charles-Antoine van Aelst, chief investment officer, Aedifica. ¨We focus on assisted living and we find that older people want to be in their own countries when they become dependent.”

The secret is finding good local partners, he said: ¨We are real estate people, so in order to establish ourselves as a local player we need to find operating partners in the country.¨