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Qatar's senior living market is expected to grow at a CAGR of over 5% during the forecast period of 2022-2027.
COVID-19 pandemic severely impacted the senior living market. As occupancy rates declined in the country and reduced senior housing construction activities due to pandemic restrictions and social distancing protocols. In Qatar, senior housing has traditionally been focused on the sale model, with a price premium to reflect the added cost of providing communal facilities.
The market is driven by increasing investment into operational real estate, expansion of rental, operators gaining experience, marketing suites re-opening after lockdowns, greater understanding of the proposition from investors and residents alike, and increased government focus (and spending) on the social care agenda.
In much of Qatar, elderly care is traditionally undertaken by younger generations. Multiple generations live together under one roof, with older generations caring for grandchildren, and in turn, children caring for aging parents. According to the developers and senior living community operators, the demand for under-construction units has doubled since the second wave of COVID-19, and most of this demand is generated by younger and middle-aged people in the country.
Furthermore, the senior living market is driven by the increasing aged population in the country, growth in life expectancy, rise in nuclear families, financially independent and educated senior citizens and increasing medical needs of the senior citizens.
There are already various forms of senior housing being developed by domestic and international players. Investors are moving and diversifying across the residential investment space. Investors view seniors housing as an extension of the residential investment market with differences around design, tenants, hospitality and services.
Scope of the Report
Senior living is a concept that refers to a variety of housing and lifestyle options for senior citizens that are adapted to the challenges of aging, such as limited mobility and susceptibility to illness. The report offers a complete analysis of the Qatar Senior Living Market, including a market overview, market size estimation for key segments and emerging trends by segments, and market dynamics. The report also offers the impact of COVID-19 on the market.
Qatar's senior living market is segmented by Property Type (Assisted Living, Independent Living, Memory Care, and Nursing Care) and by City (Doha, Al Wakrah, Al Rayyan, and Umm Salal Muhammad). The report offers market size and forecasts for senior living market in value (USD Billion) for all the above segments.
|By Property Type|
|Umm Salal Muhammad|
Key Market Trends
Increase in Senior Population and Life Expectancy
The population of older persons in GCC countries has been increasing rapidly since the 1980s. As in most developed countries, the Arab region is experiencing significant gains in life expectancy at age 60. As life expectancy increases, quality of life and health issues become a growing concern for older persons.
In 2022, the total population of Qatar is estimated at approximately 2.79 million inhabitants and about 2.07 percent of Qatar's total population will be aged 65 years and older. It is expected to reach 10.01% by 2040, thus driving the market.
Following a 2020 slump amid the COVID-19 pandemic, residential rents and senior housing prices in the region would likely pick up, in line with anticipated increasing housing demand in 2022. The existing demand-supply gap in the housing sector indicates room for improvement and further action in the form of senior housing policies and subsidies.
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Increase in Old Age Dependency Ratio
In all GCC countries, the proportions of older persons slightly declined from 1970 to 2015 (except in Bahrain, where the proportion stayed the same). Over the period 2015-2050, countries that will likely experience the fastest growth in the population of older persons are (in ascending order of growth): Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates, with rates ranging from 5.2 percent to 7.5 percent. Countries with high positive net migration rates, caused mainly by labor migration, had small total dependency ratios, namely Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates.
While people are living longer, older persons are not necessarily in good health. In general, women in Bahrain live longer than men, but they experience poorer health conditions in old age. Poor health results in high medical expenses that older persons and their families must bear, if they are not covered by social security programs. In Bahrain, individuals without medical insurance have to pay out-of-pocket for treatment.
In the Arab region, formal old-age assistance is available primarily through ministries of social affairs, the United Nations Relief and Work Agency (UNRWA), and aid programs funded principally by the European Union and the World Bank. However, those programs are limited in scope and depend entirely on foreign donors, and therefore cannot guarantee beneficiaries a regular income or sustainable payments. In GCC countries, except Qatar, foreign workers are also not permitted to remain in the country once they reach retirement age, thus denying them pension coverage. The value for Old age dependency ratio in Qatar was 1.99 as of 2020.
The senior living market in Qatar is fragmented with the local and small developers present in the market. There exists high competition among the major players. In addition, companies are expanding their businesses through mergers, acquisitions, strategic partnerships, and new project launches to meet customer needs. Competition in the market is expected to increase with new companies as well as Landlords are actively trying to develop new housing in the country to get the benefits from the market.
- December 2019: Elderly Empowerment and Care Center “Ehsan”, supported by “The Social and Sport Activities Support Fund”, launched a mobile physiotherapy unit for older persons during a joyful celebration which gathered senior staff of both entities. This cooperation accomplishes the strategic vision of the fund which aims to activate the initiatives and events organized to achieve social development and capacity building by using the fund's resources to support social, sport, and educational activities.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Spotlight on Demographics for Senior Living Population
4.3 Insights into Technological Innovation in the Senior Living Sector
4.4 Key Factors to consider for Senior living Facility
4.5 Government Initiative and Policies
4.6 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Porter's Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Bargaining Power of Buyers/Consumers
5.4.3 Bargaining Power of Suppliers
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 By Property Type
6.1.1 Assisted Living
6.1.2 Independent Living
6.1.3 Memory Care
6.1.4 Nursing Care
6.2 By City
6.2.2 Al Rayyan
6.2.3 Umm Salal Muhammad
6.2.4 Al Wakrah
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Overview (Market Concentration and Major Players)
7.2 Company Profiles
7.2.2 KIMS Health at Home
7.2.3 Home Care Middle
7.2.5 Qatar Care*
7.3 Other Companies
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Qatar Senior Living Market market is studied from 2018 - 2027.
What is the growth rate of Qatar Senior Living Market?
The Qatar Senior Living Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in Qatar Senior Living Market?
AECOM, KIMS Health at Home, Home Care Middle East, EHSAN, Qatar Care are the major companies operating in Qatar Senior Living Market.