With people experiencing ever-increasing longevity and remaining active well into their senior years, there’s an ongoing shortage of suitable, affordably priced retirement accommodation to cater for a growing demand from people across all sectors of the market.
As a result, and not surprisingly, there is also is an emerging trend which is seeing retirees moving away from traditional retirement homes and instead opting for more flexible, active living within an existing residential community.
Lifestyle benefits on estates
An example of this would be a retirement component or retirement village within an established residential development or security estate which offers an array of benefits and amenities. These may include security, shops, even leisure facilities such as walking trails, jogging tracks, swimming pool, tennis and squash courts, golf course, gym and clubhouse or recreation centre--as well as on-site medical facilities or easy-access hospitals, clinics, and other amenities.
According to Pam Golding Properties, the collaborator on this article, there is a growing market for retirement accommodation because people reaching retirement age – whatever that may be – no longer wish to move into an ‘old age home’ but would rather move into a retirement home which is within a larger estate, where they can enjoy all the usual estate amenities as well as medical care. “People are living considerably longer, so this is a new market, plus this age category is also leading a far more active and independent life, hence the change in demand for a type of lifestyle,” says Sandra Gordon, senior research analyst for Pam Golding Properties.
Return on investment
In addition, against the backdrop of a shortage of retirement accommodation in South Africa in general, there are a growing number of citizens from age 50 upwards looking to acquire a suitable property to retire to in the near or more distant future. Such a property would be an asset with the potential to appreciate in value over time, with a property valuation revealing a capital return on investment.
Those with foresight are also planning ahead and investing in homes for their retirement at an earlier age rather than waiting for actual retirement.
Appeal of scenic Cape coastline
The scenic Boland and Overberg regions and coastal property in the Western Cape – which offer numerous options including the scenic Garden Route--remain highly desirable locations for retirees, as well as KwaZulu-Natal with its year-round temperate climate.
These are attractive destinations to live in and retire to, especially if you love the outdoors, and without the traffic congestion factor.
A number of secure, gated estates have made provision for freehold and sectional title properties within their developments. These estates are multigenerational and therefore enable parents who are at retirement age, and their adult children with families to live securely within close proximity of each other.