Vietnam’s real estate developers eye retirement housing market

HANOI, Aug. 23 (Xinhua) — Major real estate developers in Vietnam are looking at investing in the retirement housing market to capitalize on the country’s aging population, Vietnam News reported Friday.
There were significant opportunities to develop retirement real estate in Vietnam to meet the demand for nursing care and health care to improve the quality of life of older people, the newspaper cited Pham Thi Mien from the Vietnam Real Estate Brokers Association as saying.
Troy Griffiths from the real estate agency Savills Vietnam said there were many levers to support the development of retirement real estate. The traditional family model is gradually evolving, providing great opportunities for developing the retirement housing segment.
Vietnam is listed by the United Nations Population Fund as one of 10 countries with the fastest population aging rate in the world.
People aged 60 and over are predicted to account for 25 percent of the country’s population by 2050. By 2036, the Southeast Asian nation will be an aged society. ■