Else Beekman
With demographic changes in Spain and Europe, the number of people spending their last years alone is increasing. This creates a growing need for care and companionship, which offers new business opportunities. In the residential sector, the concept of ‘senior co-living’ is gaining popularity.
The outdated concept of ‘retirement home’ is softened and adapted to the current preferences of an affluent group of still relatively fit seniors. Senior co-living is a living concept specially designed for older adults who want to continue living independently, but also need a sense of community, safety and shared facilities.
In a senior co-living environment, residents live independently in private apartments, while being able to share common areas such as kitchens, living rooms, gardens and recreational areas. For example, they can use care and catering services. This model promotes social interaction, reduces loneliness and offers practical benefits such as shared costs and joint activities. In such an involved community, seniors can continue to live comfortably and actively.
Hotel becomes a luxury residential complex
The former Hotel Ona in Benidorm is now responding to this trend. The hotel is undergoing a transformation into a luxury complex with facilities such as gardens, a spa, swimming pool, cinema, physiotherapy and even a beauty salon. Located on Poniente Beach and featuring its own golf course, this new establishment will accommodate more than 150 residents in more than 90 premium apartments. These one and two bedroom apartments have fully equipped kitchens opening onto spacious living rooms and terraces.
Investment
The transformation is an initiative of a collaboration of investment companies. They aim to lead the senior living market in Spain. They want to invest approximately €100 million in that goal. An amount that will be distributed until 2026 among various projects along the Mediterranean coast.
Expansion to more resorts
After the complex in Benidorm, three more similar resorts will follow in other locations on the Mediterranean coast. The resorts will all be located in holiday areas and offer a wide range of services and recreational opportunities for people over 55 years of age. The cooperating investment companies will soon launch their own brand. They are currently finalising the details of their first project in Benidorm. After obtaining the permit, construction activities will start soon. The opening is scheduled for 2026.
Senior co-living as a new concept
José Solero, CEO of one of the investment companies said: “Our goal is to develop a concept that goes beyond traditional senior living. The uniqueness of this project is that we will provide resorts where people can enjoy a lifestyle with all services at their fingertips and an excellent atmosphere.” One of the companies adds its knowledge of the healthcare sector. The users of the Senior Living complexes will have varied care needs that must be met.
Target group: 200,000 foreign elderly living in Spain
According to research sources from the initiating alliance, people interested in these types of facilities in Spain choose locations close to their usual residence. Meanwhile, the nearly 200,000 foreigners over the age of 55 living in Spain prefer to move to complexes in coastal areas of the Mediterranean in search of a better climate and quality of life.
“Valencia is the region most in demand among foreigners who decide to explore alternative means of housing to fully enjoy a new phase in their lives. For this reason, we have decided to develop a Senior Co-living concept here that responds to new needs and lifestyles,” said a spokesperson for the group. In the short term they are studying three more operations, but their goal is to go much further.