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Jeddah - Yasmine El Tohamy - Saudi Arabia’s aging population set to spur retirement living market: Knight Frank
RIYADH: Saudi Arabia is bracing for a notable spike in the retirement living market as its aging population is predicted to escalate from 1.11 million in 2022 to 3.58 million by 2035, according to a new report.
In its latest healthcare advisory publication, global property consultant Knight Frank unveiled that the demographic shift, combined with evolving housing preferences, is poised to substantially boost the concept of retirement living in the Kingdom.
Shehzad Jamal, partner at Knight Frank Middle East, said: “We are witnessing a global shift towards retirement living unfolding, offering a potential solution for Saudi Arabia’s aging population as young professionals are being attracted to the key cities and new cities for improved economic prospects.”
“However, education and awareness are required to highlight the benefits and convenience offered by such concepts for senior citizens,” he added.
The growing necessity for comprehensive support for seniors was highlighted in the report, which indicated a growing trend of individuals aged 65 or above set to move from regular housing to facilities offering essential support.
The survey, which involved 1,014 Saudi households, revealed that approximately 43 percent of respondents have relocated from their hometowns for work-related reasons to cities like Riyadh and Jeddah.
As the report outlines, “empty nesters” require increased physical, mental, and social support as they age.
The report further emphasized that multiple factors are driving the demand for retirement facilities in Saudi Arabia. These include increased life expectancy, an aging population, and changing social dynamics.
Furthermore, the projected growth in the aging sector is anticipated to lead to a ratio of five elderly individuals for every 100 workforce members by 2050.
Gireesh Kumar, associate partner at Knight Frank Middle East, emphasized that assisted living is set to reduce the burden on the healthcare system and decrease the demand for long-term care beds in the Kingdom.
He also explained that Saudi Arabia’s high-income population will play a significant role in the nascent retirement living market.
“The population of high-net-worth individuals and ultra-high-net-worth individuals in Saudi Arabia is anticipated to grow up to 185,000 HNWIs and 1,000 UHNWIs by 2027, according to the Wealth Report Series by Knight Frank, making this segment a significant contributor to the demand for senior living options,” Kumar said.
“In addition, the number of households in Saudi Arabia with an annual income of $200,000 is also expected to increase from 141,000 to 175,000 between 2022 and 2035 respectively, which further bolsters this demand,” he added.
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