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Real Estate for the Ageing Society – the Perspective of a New Market

Author

Listed:
  • Kazak Jan

    (Department of Spatial Economy, Wrocław University of Environmental and Life Sciences)

  • van Hoof Joost

    (Centre of Healthcare and Technology, Fontys University of Applied Sciences)

  • Świąder Małgorzata

    (Department of Spatial Economy, Wrocław University of Environmental and Life Sciences)

  • Szewrański Szymon

    (Department of Spatial Economy, Wrocław University of Environmental and Life Sciences)

Abstract

Currently, one of the key challenges on a global scale is the issue of an ageing society. The UN predicts that the number of people aged 60 and over will double by 2050 and treble by 2100. In the coming years, the demand for real estate that addresses the specific needs of older people will increase both qualitatively and quantitatively. Therefore, two main questions arise: What are the architectural features of real estate required to accommodate for the needs of an ageing society? Which European Union countries seem to have the highest and lowest potential to create a segment of the real estate market focused on older people? This paper contains a research overview in the field of the built environment for older people and case studies of different policies established by public authorities from past decades. The potential for real estate for an ageing society in EU countries was determined on the basis of variables collected by the UNECE. The results also enable assumptions to be made on which factors may influence future development in this area. Due to global climate changes combined with the urbanization process and resulting deterioration of air quality, heat island effect or poor accessibility to open areas, the ageing society will have to face the problem of adapting to these new conditions. Therefore, the authors assume that this will have a significant impact on the relocation of this age group on the real estate market in the future. The conclusions of the research contribute to general discussion on new trends in the real estate market and the assessment of future investments in real estate.

Suggested Citation

  • Kazak Jan & van Hoof Joost & Świąder Małgorzata & Szewrański Szymon, 2017. "Real Estate for the Ageing Society – the Perspective of a New Market," Real Estate Management and Valuation, Sciendo, vol. 25(4), pages 13-24, December.
    • Handle: RePEc:vrs:remava:v:25:y:2017:i:4:p:13-24:n:2
    DOI: 10.1515/remav-2017-0026
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    References listed on IDEAS

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    More about this item

    Keywords

    real estate for ageing society; ageing in place; real estate market; home modifications; home adaptations;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

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