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Retirement homes market booming

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(Image free of rights)

Cushman & Wakefield has been looking at the retirement homes landscape in Belgium – now a real estate segment in its own right. It finds that in 2015, 17.9% of the Belgian population were over 65, and this figure is forecast to rise to 22.5% by 2040. In terms of the over 80’s population, 5.4% of people in
Belgium was over 80 in 2015, and this age group is also expected to increase to 7.5% by 2040. Average life expectancy in Belgium in 2016 was 84.1 years.

In Belgium,C&W observes a constant increase in the total number of beds in senior homes since 2000 to reach around 146,000 beds in 2016. Flanders presents the lowest equipment rate with 116 beds per 1,000 inhabitants of 75+ compared to Brussels (189) and Wallonia (158). The average for Belgium is thus around 135. The growth rate has been relatively stable, around 1%per year between 2003 and 2012. Ithas been slightly increasing since 2013. In absolute figures, it represents a yearly increase of around 2,400 beds while the annual
needs are estimated at between 3,000 and 3,500 beds.

Where major players in this domain are concerned, in 2015, Belgian company Armonea purchased the care home operator Soprim@, taking their total number of beds to over 9 000. They operate 83 retirement homes throughout
Belgium. Armonea also acquired two operators abroad in July 2016: La Saleta in Spain (numbering 32 nursing homes) and DPUW in Germany (with 17 nursing homes).
French group Orpea has more than 7,000 beds spread throughout 61 homes in Belgium. Since the merger with Medica that took place in 2013,
Korian has enlarged its geographical coverage to include Belgium, which now which now accounts for around 11% of their total beds (over 7 000 beds).

And finally, invested volumes for 2017 in nursing homes stand at around
€ 100m.
Tim Harrup
24-05-2018


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