Collierses I Asia14May2018SENIOR HOUSINGGREY SKIES ANDSILVER LININGSDevising Housing solutions for Asia's ageing populationAsia is facing an ageing crisis.Advancements in healthcareprovisions coupled with rising wealth levels in the region,haveincreased life expectancy.just as birth rates,in some Asiancountries have fallen to record lows.The result is that theregion's senior (aged 65 and above)population will nearly tripleby 2050 to 945 million.The number of people aged 75 andabove (needing some sort of assistance in their daily lives)willjump from 137 million to 437 million over the same period.This massive demographic shift raises questions abouthow already strained health and pension systems can bereengineered to cope with the needs of rapidly ageingpopulations.Less discussed,but no less important,are theimplications for housing.Traditionally.in many Asian societies.the elderly have resided with their children,but trends likesmaller families and rising divorce rates have challenged thispractice.More infrastructure will need to be created for therising number of seniors who will be residing independentlyand to cater for those in need of different degrees of dailyassistance and medical care.OR HOUSING OUTLOOK 2018 I COLLIERS INTCONFRONTING THEWhile countries such as Japan have grappled with an ageingSILVER TSUNAMIpopulation for some time,others are just beginning to realise thatthey will need to act quickly in order to address ageing-relatedissues.Macau and Singapore,for example,will see their seniorpopulations skyrocket by 301%and 195%.respectively.by 2050.PROJECTED CHANGE IN THE POPULATION AGED 75 YEARS ANDABOVE,RELATIVE TO PER CAPITA GDP500%Vietnam400%PhilippinesChinaSouth Korea300%Hong Kong200%ThailandIndiaJapan100%0%32000033000034000060000GDP per capita (2016,in resl USD)SENIOR HOUSING OUTLOOK 2018 I COLLIERS INTEATIONALApart from the increase in the sheer number ofseniors,often referred to as the 'silver tsunami'.arguably an even more worrisome trend isthe rise in the percentage of seniors in totalpopulations.Japan's seniors will comprise aLIFE EXPECTANCIES FOR SELECTED ASIAN COUNTRIES,2017 VS 2050staggering 36.4%of the population by 2050:South Korea (35.3%).Hong Kong (33.9%).88.52017■2050■88.2Singapore (33.6%)and Thailand (29%)as87.787.4the top five Asian economies with the highest83.684.383.882.682.2percentages of seniors.81.581.4One serious implication of this trend will be76.1the decline in the labour force as a proportion75174.673.873.6of the total population,which will inevitablyweigh on productivity and economic growth.68.369.069.0Even fast-developing countries where seniorsare a smaller presence,such as India and thePhilippines,will face difficulties if many of theiryoung people continue to work overseas andMacau Hong Kong Japan Singapore SouthSARSARare largely unable to attend to the immediateneeds of elderly parents.SE NIOR HOUSING OUTLOOK 2018 I COLLIERS INTERNATIONALCOPING WITH CHANGINGHOUSING NEEDSAs Asian countries address these new realities,it's important torecognise that as people age their housing needs tend to progressthrough stages that can at times overlap.Seniors often go fromactive retirees living independently.to requiring some form ofassistance at home,to transferring to full-time aged care facilities inthe final stages of their lives.The senior housing industry in manyWestern countries has been structured in a way that addresses theneeds of the senior citizen at these various stages,but for the mostpart Asia has yet to identify or implement appropriate models ofits own.The major senior housing categories that have emerged inAsia thus far can be summed up as follows:Housing developments for active seniorsIn-home careAssisted living facilitiesSkilled nursing care facilitiesIERS IN TERN ATIONA