Colliers Plan For Older Buyers

Colliers: Plan for older buyers http://www.bangkokpost.com/life/property/30972/colliers-pla...

Colliers: Plan for older buyers
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PROPERTY

Published: 14/01/2010 at 12:00 AM
Newspaper section: Business

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Thailand should capitalise on the surge in the elderly population in the coming decade through medical
and wellness tourism, special packages for retirees and a clearer property ownership structure.

2 of 8 15/1/10 10:26 pm


Antony Picon, senior research manager of the property consultant Colliers International Thailand,
says concerns over freehold and leasehold ownership for foreigners persist and a more open and
clearer structure involving longer lease periods and streamlined inheritance procedures should be set
in place.

"This will help Thailand make the most of the dramatic population shift in Europe and North America,"
he said. "It must also be remembered that other countries will provide stiff competition for this
burgeoning market."

These rivals include Malaysia, the Philippines, Vietnam and Cambodia.

The distinction between tourist and resident will become blurred as many retirees are likely to stay in
Thailand for the winter and return to their home countries in summer.

"Thailand has long been a magnet for retirees and second-home occupiers," Mr Picon said. "The grey
baby boomer is rising extraordinarily. Economists have been talking about it for a long time, but finally
it is upon us.

"The first baby boomers, born after the Second World War, are about to retire and the positive
consequences for Thailand could be substantial."

The number of people who will be of retirement age over the next two decades is massive. They are
American, Japanese, German, Korean, Australian, British, Scandinavian as well as other Europeans.
These present strong tourist markets for Thailand.

"An amazing 3% of the Scandinavian population visits Thailand every year," he said.

About 1 million people there will enter retirement age during the 2010s, over double the number in the
previous decade. And that is just a small fraction of the total in Europe and North America.

He expects the market to become more sophisticated with retirement home property developers from
Europe, North America and Australia providing specialised packages and financing.

3 of 8 15/1/10 10:26 pm


He believes that as a population grows older, it also grows healthier. Mr Picon denies that old means
inactive.

"Senior citizens will demand more facilities in the future as they will be more active because of their
free time. Activities such as golf and hiking will be partly driven by new retirees and expect concurrent
growth in medical and wellness tourism."

In 2009, 1.2 million visitors came to Thailand for medical tourism and this is set to swell due to new
retirees. They could significantly affect growth and development of resort areas in Pattaya, the Hua
Hin corridor, Chiang Mai and Phuket as well as the less well-known areas of Chiang Rai and Hat Yai.

A key focus will be on clusters, as retirees care more about who their neighbours are and especially if
they can speak their language.

Mr Picon expects partially clustered retirement communities in the future with shops, restaurants and
community centres catering for language groups.

"Some serviced apartments and hotels are likely to offer special packages for those over 60 to
capture this growth market," he added.

About the author

Writer: Kanana Katharangsiporn
Position: Business Reporter

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09/01/2009 at 10:00 AM.

John smith

Discussion 2 : 14/01/2010 at 03:48 PM2

Heard this before years and years ago regarding japanese retirees buying property etc. It failed
to materialise then and this article is equally unlikley to be acted upon.
Hiking?? seriously who goes hiking here?
medical expenses here are very expensive when compared to free healthcare that this mid -
upper european level could afford or have for free at home.

Medical tourism is an incorrect term.

Need I say more?

Banker

Discussion 1 : 14/01/2010 at 02:45 PM1

What xenophobic Thailand make things easier for FOREIGNERS in Thailand???...it is a
contradiction

Retirees require safe clean and stable environments, that means a police force that is not
corrupt and not only looking for tea money plus a Government that does not keep changing visa
requirements...basically Thailand can't compete in this Hub

Reply

Luxury residential resort
6 of 8 15/1/10
Affordable active healthy lifestyle Medical centre, spa, 5 star service
10:26 pm
www.thefalls-huahin.com

Real Estate Pattaya


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