Retirement Villages Market Review 2022
Our 10th JLL report finds that retirement village operators continue to deliver new units, however the industry faces challenges in meeting demand for New Zealand’s 75+ population.
- Gavin Read
- Hina Imran
- Gening Huang
There are currently 345,960 New Zealanders over 75 and estimated this will reach 832,810 by 2048. The demand for retirement village units continues to grow as a reflection of this population increase, and an estimated 24,413 new units will be required by 2033.
However, development has commenced on around 12,238 units, leaving a shortfall of 12,306 units. Market challenges including the global pandemic, rising inflation, labour shortages and supply chain constraints continue to put pressure on the industry. And more diversity of ethnicity of occupiers in retirement villages could create further need for new units.
The market continues to be led by the ‘big six’, which have aggressive growth strategies which will help meet demand and benefit the industry as a whole. The aged care market provides a key part of the continuum of care and acts as a diversifier to the income streams of retirement villages when co-located.
Download our New Zealand Retirement Villages and Aged Care Report to learn more.
