There are 17 million people over 50 in Spain, and the pension system remains one of the most generous in the world. This creates a strong spending capacity that prioritizes housing solutions for older adults. The Senior Living Forum in Madrid focused on housing options for people over 65. A leading professor and member of a respected aging research advisory board opened the event as the first speaker.
The discussion centered on how seniors will live as life expectancy grows by about three months each year. In Spain, housing often serves as the main, sometimes the only, resource for older adults, with savings that are illiquid. There is a clear trend: more seniors are open to moving to new living arrangements as they age. Data from ongoing research suggests that roughly 40% of people over 50 would consider living outside their current home.
The speaker identified a shift in how heritage is perceived. The newer generation of seniors tends to focus on enjoyment rather than what they will leave behind for grandchildren. A notable 30% are less concerned about inheriting assets, and many expect to receive their pensions without issues.
The new option for elderly people is elderly living
Old age used to be viewed as a burden, especially when it meant reduced work ability or income. That view shifted a century ago with the advent of pension systems. Spain now stands out for how much health, independence, and longevity have improved overall. Life expectancy has risen to the mid-80s and continues to climb. Without major health issues, many reach around 70 and often extend beyond 90. This reality creates a ripe opportunity for real estate to offer alternative, non-traditional living spaces designed for seniors who do not require continuous care. Traditional nursing homes remain common, but the market is evolving toward senior living communities. In Spain, more than a dozen investors are eyeing senior living, with commitments ranging from hundreds of millions to over a billion euros. Some plans lean toward hotel-like formats, while others emphasize dedicated housing for longer stays. The industry sees growing demand, backed by demographic trends and patient expectations.
The model already operates in other regions, especially North America, where thousands of senior living communities provide a wide range of activities managed on-site. The challenge here is to cultivate local management capable of developing similar clubs and services organically. Industry experts suggest that a minimum scale of several hundred to over a thousand apartments is essential for profitability and scalability.
Regulation is the main hurdle
Regulatory frameworks currently pose the biggest barrier to expanding elderly living options. The nursing home sector varies by autonomous community, with rules that affect everything from staffing and facilities to how many toilets are required per resident. A senior housing expert notes that private and independent living arrangements face different regulatory standards compared to traditional residences, and calls for harmonizing policies to allow these products to flourish.
There is also uncertainty about the right standards for the quality and use of land for senior living. While some regions can accommodate tertiary housing or adapted traditional homes, there are limits to repurposing universities or hotels for long-term senior living. Advisors caution that these settings may present challenges for residents who intend to stay long term, underscoring the need for clear guidance and adaptable regulations.