Demand for retirement living is expected to soar over the next five years, according to a survey of real estate professionals.
Research from international law firm CMS found that nine in 10 (91%) people working in the sector expect demand for retirement living to slightly or significantly increase.
Retirement living also holds the greatest opportunity for growth, according to 45% of respondents.
The research surveyed 6,500 people living and working in either London, Manchester, Glasgow, Berlin, Amsterdam and Paris to find out what consumers like when it comes to their living environment.
It also interviewed more than 200 global real estate investors, developers and agents in residential alternatives, including student accommodation, co-living, build-to-rent and retirement living.
The survey found that retirement living was the second most appealing asset for real estate professionals, behind distribution and logistics (69%).
CMS said the Baby Boomer generation has accumulated significant wealth which can be deployed on retirement accommodation, making this an attractive market from an investment point of view.
The global volume of money invested in this asset type reached USD 13bn in 2018, however the UK and Europe remain comparatively undeveloped.
But this is expected to change, with the government expecting retirement communities to play a major role in meeting housing with care needs.
In July, Minister of Care Caroline Dinenage said housing-with-care has never played a more important role in health and social care, helping to keep older people healthier, more active and less lonely.
Now that care homes are increasingly focused on end-of-life care, the Minister added that retirement communities fill the gap between living independently at home and care homes.
The CEO of UKHCA Dr Jane Townson also recently said that there is “a lot of energy” in this country for this part of the market to grow.