A CONCEPT OF AUSTRALIA RETIREMENT VILLAGE AND A NEW APPROACH FOR REAL ESTATE INDUSTRY IN THAILAND

A CONCEPT OF AUSTRALIA RETIREMENT VILLAGE AND A NEW APPROACH FOR REAL ESTATE INDUSTRY IN THAILAND

Thailand’s real estate industry has been growing steadily and has been highly competitivewhile the options for projects have been limited. There has been stiff competition amongthe property developers in the same Industry. It is, therefore, necessary for the real estateindustry in Thailand to expand its options in order to penetrate a greater prospectivecustomer market. This has been of great interest especially the housing market for expatsresiding in Thailand, because it is considered a highly profitable market, that is to say;there are a lot of foreigners staying in Thailand after the age of retirement. One of themarked businesses for the real estate business in Thailand is the retirement village. In fact,the retirement village as it is presently understood includes various levels. Among them,a level for elderly people who are still healthy and do not require much care is called“Retirement Village”, which is generally found like other communities, but its prospectiveclients includes only the elderly and not a home for older people with the need for intensivemedical care. Aged care has been an interest of study in Thailand, where the proportionof elderly population has increased and Thai societal structure focuses on family care forseniors. However, many families are not ready to elicit the services of aged care. One ofthe solutions is to provide a home for the elderly where constant nursing care is provided.In spite of numerous aged care facilities for the elderly in Thailand, most of them havebeen established in the form of a foster home, thereby they have been received a negativeimage for a long time. An alternative for Thailand is the retirement village that incorporatesa beneficial image of age care that is more likely to be popular in the future. Australia isideal as a case study and the research of protocols for the business of Thailand’s retirementvillage, because Australia is a country that has operated retirement villages for an extendedtime. Presently the business of a village for retirement may not be able to penetrate thedomestic market; however, foreign customers retiring in Thailand are likely to be a potentialmarket. A business relating to retirement villages can be expected to promote the realestate industry, to penetrate foreign markets, and to generate revenue for Thailand. Aninteresting focus of research is Australian ageing population as a model to identifythe characteristics of retirement villages that meets the needs of the foreign customers.This paper is to offer one important aspect of a large-scale study that investigates theretirement village in Thailand for foreigners; a dimension that the real estate entrepreneurs,researchers and other interested parties can apply to develop a business model for retirementvillages desired by foreigners as well as a future model for the domestic market.

Lertbuasin, Supasit; Potisarattana, Juntima

2019

EN

journalArticle

https://www.tci-thaijo.org/index.php/JGBR/article/view/189342