Housing development for seniors in Thailand remains sluggish and insufficient to meet rising demand as the country became a "complete aged society" this year, according to the Real Estate Information Center (REIC).
Acknowledging the country's shifting demographics, REIC highlighted data from the National Statistical Office that showed a steady rise in the population aged 60 and older, growing from 6.8% of the total in 1994 to 20% in 2024.
This is an annual average growth rate of 4.89%, marking a transition to a super-aged society. However, there is a shortage of senior-friendly housing.
According to REIC's second annual survey on senior housing projects, Thailand will have 916 operational projects by the end of 2024, including 832 nursing homes and 84 senior residences.
Most of these projects are concentrated in Bangkok and its surrounding provinces, with a combined total of 516 projects.
Nursing homes in Bangkok had the highest occupancy rates at 69.2%, while residences in three provinces appealed to both Thai and foreign seniors: Chon Buri (77% occupancy), Nakhon Ratchasima (73.7%) and Chiang Mai (73.1%).
For senior residences, Samut Prakan had the most units and an occupancy rate of 70.9%, while Bangkok tallied a 75.6% occupancy rate.
The REIC said the data underscored the growing demand for senior housing in urban and economic hubs, though affordability varied widely by region.
Rental rates for state nursing homes are mostly in a range of 15,000 to 20,000 baht per month, representing 46.8% of offerings.
For private nursing homes, the same price range accounted for 32% of units.
In contrast, senior residences had broader price disparities. Government residences were predominantly available at rates of less than 10,000 baht per month (83%), while private-sector residences were concentrated in a range of 30,000 to 50,000 baht a month (38.6%).
The report also highlighted the need for tailored financial mechanisms to address the disparities in regional income levels and economic development.
Effective financial solutions, such as long-term lease models or right-to-occupy schemes, could improve housing access for seniors, noted REIC.
An example is the Government Housing Bank's senior housing loan programme, which enabled older adults to secure housing ownership and enhance their quality of life.
The report said by integrating diverse financing options and considering regional economic contexts, Thailand could foster sustainable and inclusive senior housing development to meet growing demand.