Sector senior living is a term used to describe complexes that house elderly residents who live independently and do not require medical assistance. In Spain, a rapid expansion is underway, with 17 complexes financed by a mix of investors, supporters, and national and international funds. When fully operational, these developments will accommodate 3,229 residents and represent an investment of about 500 million euros, according to a recent report from Atlas Real Estate Analytics.
The projects are expected to significantly expand the current offer. Today, Spain has 50 senior living complexes nationwide with a total of 3,785 places. About 65 percent of operating assets are located in urban areas, while 35 percent lie along the coast. Madrid and Barcelona lead with the largest presence, each hosting multiple facilities that collectively offer hundreds of residences and thousands of flats. These markets illustrate how the sector is concentrated in major urban centers but also how coastal locations attract demand from international residents.
Within the international segment the focus rests on coastal areas. Thirteen complexes in this category are designed to serve 1,338 elderly residents. By province, Alicante holds the largest share with seven developments, followed by Malaga with four. The remaining projects are located in Almería and Tarragona. The coast plays a central role in the near term pipeline, with 1,694 places under development in Malaga, more than in Madrid which accounts for 562 residences, and a total of 298 in Santa Cruz de Tenerife.
Demand is strong despite limited supply
The demand for senior living spans a long and mainly international profile. Atlas Real Estate Analytics notes that 87 percent of Spanish provinces register interest, with demand largely coming from European Union countries. Europe serves as the primary source market for foreign seniors relocating to Spain, a pattern observed in about 90 percent of provinces, compared with other nationalities. However, the southern Mediterranean provinces and Huelva attract more seniors from non-EU countries, and Malaga and Alicante stand out as the leading coastal markets with substantial international communities.
There is notable domestic demand as well, with nearly half a million people aged 65 and older living in metropolitan areas and the five largest cities. Approximately 494,806 seniors have the purchasing power to live in one of these complexes, typically requiring a monthly income of 2,600 to 3,400 euros. The overall demographic appeal of Spain’s coastal regions and the provinces with major urban centers shapes the geographic distribution of international seniors, with Madrid and Barcelona playing clear roles and the peninsular Mediterranean coast following closely behind.
Looking ahead, the aging population in Spain is projected to rise further in the coming years. Depending on the region, the national retirement-age population is expected to grow 20 percent to 60 percent by 2037. As for foreign residents, the number of seniors in the country climbed from 179,000 in 2005 to 416,000 today. Between 2020 and 2022 the increase approached 12 percent. Some experts even suggest Spain could become the retirement hub of Europe or be likened to the Florida of Europe, reflecting a longer-term shift in where seniors choose to live and retire. These trends underline the growing importance of coastal and urban hubs in meeting the needs and preferences of international and domestic seniors alike, supported by ongoing investment and development in senior living infrastructure (Atlas Real Estate Analytics).