Real Estate Investor Magazine South Africa April/May 2019 | Page 42

RETIREMENT VILLAGES Property Developers & Estate Agents to convene to discuss future of Retirement Villages ALYSSON WATT A s the global Retirement Village industry experiences major change, a series of local conferences in May are dedicated to support the local industry in its planning, developing and sale of Retirement Villages. The Developers Summit; Managers Summit and Sales & Marketing Summit is set to take place 30-31 May at Century City Conference Centre. Lombard Guarantee will be sharing its new financial guarantee product that will allow developers to release funds from pre-sales to support developments. The Sales & Marketing Summit will be sharing insights for estate agents on why this market is buoyant and how to sell units into a changing age demographic successfully; locally and to family members overseas. As the industry is maturing, legislation is being amended to keep up such as the Older Persons Act that has far reaching consequences for the industry as many are not aware that in this sector it supersedes other legislation such as the Sectional Titles Management Act. Syd Eckley, a key author of the original act and the current amendment, will be providing an update and the unique opportunity of 60 minutes Q&A. As the retiree age changes, so do the expectations and needs of the market. The Summits will look into the following topics in detail: Retirement Village Growth – here to stay? The immediate answer is absolutely yes! According to the WHO, by 2025, the total population in SA of over 60s is projected to be over 10.5%. The market is growing, but the expectations from a new generation of retirees of the lifestyle that retirement villages provide will increase and change such as the continuum of care model; greater oversight by Government and legislation being updated. The Silver Tsunami The Silver Tsunami, or baby boomer generation, often have family overseas who, along with the retiree, assist in making purchasing decisions. Often, it’s the eldest daughter making these decisions. The challenge estate agents and developers face is to identify and influence this buying decision. Find 40 APRIL/MAY 2019 SA Real Estate Investor Magazine out how and other social media and marketing tips at the Retirement Village Sales & Marketing Summit. Changing expectations of Retirees Retirees are entering village life earlier and are working for longer and are more likely to work from home. What are retirement communities doing to make their villages competitive to support this changing lifestyle or workstyle? Other areas that will be considered by future buyers will be a village’s green footprint, the Internet of Things and other services that support their active lifestyle. Continuum of Care Model The retiree can spend the rest of their life in one place by moving between the levels of care as required from independent living, assisted living and frail care. This concept is called “aging in place”. We believe that as younger retirees enter retirement villages there will be resistance to paying a percentage of their levies towards the maintenance of a frail care centre that they may not use for 20 or 30 years, given that people are living longer healthier. However, that scenario does not take into account the marked increase in dementia and the greater care required. Government Oversight and Legislation The South African Human Rights Commission at its national hearing in 2015 found that Act 65/88 is outdated and there is growing evidence that exploitation of retirees is on the increase, as there is no form of any accreditation and registration standards applied in SA as in countries like Australia, the USA, UK and New Zealand. The Older Persons Act in its entirety is currently being amended. Syd Eckley will present to the Retirement Village Managers Summit delegates how the Older Persons Act will be changing and the impact it will have on retirement communities. The Retirement Village Summits have been developed to provide up to date insights of this evolving industry. Book now to ensure you have the tools of success for your villages! Call 010 213 4005/6 or email [email protected].