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

Kazak Jan (), Joost van Hoof (), Świąder Małgorzata () and Szewrański Szymon ()
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Kazak Jan: Department of Spatial Economy, Wrocław University of Environmental and Life Sciences
Joost van Hoof: 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

Real Estate Management and Valuation, 2017, vol. 25, issue 4, 13-24

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.

Keywords: real estate for ageing society; ageing in place; real estate market; home modifications; home adaptations (search for similar items in EconPapers)
JEL-codes: I15 R20 R31 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:25:y:2017:i:4:p:13-24:n:2

DOI: 10.1515/remav-2017-0026

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