JLL Report Industry has Performed Well

retirement living

With the onset of the COVID pandemic in early 2020, the past year has been challenging for many and this has been particularly pronounced for Retirement Villages and Aged Care facilities that house some of our most vulnerable.

Overall, the industry has performed remarkably well compared to some other first world countries in protecting residents and providing safe communities during periods of ‘lockdown’.

The performance of the sector throughout these uncertain times, the residential property boom in the second half of 2020, and the country’s ageing population saw many Retirement Village operators receive high levels of enquiry and end the year with limited vacant stock.

36,300

retirement village units in New Zealand

69%

existing retirement villages that have commenced upgrades and development

14.3%

is the national penetration rate

Ageing population
The key target population for Retirement Villages are those who are 75+. According to Statistics New Zealand, in 2020 there were estimated to be almost 332,000 New Zealand residents in this bracket.

By 2048, this key demographic is forecast to increase by 501,000 to reach 833,000. This change in the structure of the population will continue to drive increasing demand for Retirement Villages.