Only a few weeks ago, specialized real estate groups marked a notable move in Benidorm, with Adriano Care acquiring the Ciudad Patricia complex for the elderly, a deal valued at around 29 million euros. This event followed a prior step by the same entity to join Maintenance Property Investment, which acquired Forum Mare Nostrum in l’Alfàs del Pi for approximately 35 million euros. In the assisted living space, most major operators in the sector have now signaled expansions in the region, including Cofinimmo, Grupo Orpea, and OnaCare.
Together, managers and private funds are building a sizable portfolio, with up to 17 new facilities in development in the area. This momentum signals the emergence of what is often called a “high life” wave in real estate, where projects are tailored for people aged 60 and over. These developments range from independent living apartments with shared services for single residents to full-scale residences that provide daily assistance.
The market is attracting institutional interest, as investors seek profitability in a region already favored by international retirees. The Alicante corridor stands out, drawing attention to its appeal for foreign seniors who choose this sun-soaked coast for retirement. Alejandro and Daniel Bermudez, leaders at Atlas Real Estate Analytics, have just released a detailed report underscoring this trend.
From 2015 to 2020, the state welcomed nearly 45,000 new foreign residents over 60 years old, a figure that leads the country ahead of Madrid, which added 37,194, followed by Barcelona with 30,136, Málaga with 27,636, and Tenerife with 14,617. Local supporters have long known this region for its stable climate and lifestyle, attracting European retirees and pushing specialist operators toward higher service levels across the Costa Blanca.
An international demand has grown, increasingly shaping the local eldercare market as Spain’s aging population rises. The Atlas study notes that since 2000, the number of residents over 60 in the Valencian Community has expanded by more than 45%, a rate higher than in many other autonomous communities. This demographic shift also accompanies rising household incomes and housing-related expenditures, with expenses per household increasing from about 7,000 euros in 2006 to roughly 10,500 euros today. This trend reflects a willingness to migrate to areas offering better quality of life or climate, a pattern observed among European seniors for decades.
2,553 million euros invested in two years
In the last two years, major operators and funds have sunk about 2.553 billion euros into this sector across Spain. While substantial, this sum remains below the investments seen in other markets like standard rentals or student housing, indicating strong growth potential ahead.
Looking at the Alicante province, several private apartment complexes and residences are currently adding roughly 9,100 new beds. Analysts estimate potential demand around 118,000 beds in the broader region, with about 14,480 in independent-living complexes and 103,308 in assisted living facilities. Projections suggest demand could rise by another 10% by 2025, with potential national demand surpassing three million beds.
Atlas Emlak Analytik reports about 700 projects under development nationwide, potentially adding around 48,300 beds. Madrid leads in project numbers with 73 investments, followed by Barcelona with 54. In Alicante, 17 projects are either under construction or in development.
Among notable developments, Cofinimmo is investing on the site of the former Red Cross headquarters in Alicante for around 13 million euros and will operate in Elche’s Greenhouse project with about eight million euros. Orpea Group will manage the residence in Regensburg, while Vistahermosa in the state capital hosts a new project. Duración Care recently opened a residence in Pinoso.
Existing complexes of note include Ciudad Patricia in Benidorm with 176 residences; Forum Mare Nostrum in l’Alfàs; the Ballesol complex in La Vila; and the Colisee and The Colina Club in Calp, among others.