One of the fresh development ideas that is flourishing in Dubai today is that of putting up luxury retirement communities for the seniors. This concept of having purpose-built luxury retirement-based communities will commence in 2019. This concept came to be in the wake of the most recent retirement law which allows expatriates of more than 55 years to stay within the UAE for five years more. Qualification for this long-term visa entails a property investment worth Dh2 million or possessing financial savings that are less than Dh1 million or maybe possessing an active income of not less than Dh20,000 every month.
Only a few developers ventured into this industry, and it is showing a lot of potential once it is approached strategically. Dubai developers are always expected to bring in concepts that are already prevalent in other areas of the world.
Those who will benefit from these projects are adults aged 55 and above who like to live independently in a peer environment. These seniors who are likely to choose this housing option are those who have no major health issues and physically agile to take care of themselves. These projects often include facilities that can be used for recreation and socializing and that includes a clubhouse, facility management services, health club or gym, and focused services on the need of the elderly.
The law has just been passed so it’s not possible to see projects of real estate Dubai in this nature sprouting soon. This is however one of their priorities particularly since there are over 150,000 residents in Dubai who are over 55 years old.
In the UAE, the retirement age for expats is 60 to 65 years old. Senior living or those that cater to adults who are 55 years and above does not work under the build sell and forget strategy. It requires the involvement of healthcare partners and facility management companies.
A significant feature of a retirement home in real estate Dubai will be the medical and nursing facilities. This will be valuable to seniors who don’t want to burden their children and stay within their peers. Currently, there are no projects that are aimed at retirees. There are communities in Dubai that they can live in but none of these specifically cater to their needs. The preferences of retirees vary. There are those who prefer the city center where all their needs are within walking distance while there are also those who prefer the suburbs where it is more relaxing and have enough space for the family.
The continuing increase in the aging population will also increase the income gap. That means developers will have to cater to both high- and low-end retirement home developments. The new retirement laws in the UAE may entice many foreign investors who are smitten by Dubai’s climate, lifestyle, security, and luxury. This is particularly appealing to retirees from cold countries. This is why Florida is famous as a place for retirement. The weather is a deciding factor for many retirees when they choose their retirement place.
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