Demography – Ageing population: Median age in Europe will increase to 52.3 years by 2050 from 37.7 years in 2003 (Brookings Institution); Ratio of retirees to workers in Europe will double to 54% by 2050 (IMF); Only 49% of men between the ages of 55 to 65 work (OECD).
According to the data above and from the World Population Prospects: the 2015 Revision (United Nations, 2015), the number of older persons—those aged 55 years or over—has increased substantially in recent years in most countries and regions, and that growth is projected to accelerate in the coming decades.
The dramatic increase in the number of people globally turning 60 over the next 20 years is now an established demographic fact. It is projected a doubling of the seniors’ population globally by 2050, with an economically significant reduction in the ratio of taxpayers to retirees. To support this growth there needs to be a large corresponding increase in the amount of purpose-built housing so that the population who will be over 65 by 2050 continue to have the choice, independence, and autonomy that they expect and deserve.
Between 2015 and 2030, the number of people in the world aged 60 years or over is projected to grow by 56 percent, from 901 million to 1.4 billion, and by 2050, the global population of older persons is projected to more than double its size in 2015, reaching nearly 2.1 billion (Data from World Population Prospects: the 2015 Revision – United Nations, 2015). Retirement villages offer a range of services and support to their residents. As these services and supports are self-funded, there is an additional benefit of not only improving residents’ lifestyles but generating savings for those financing these lifestyles.
The proposed Stone Arch Retirement Village (SARV) will be the first of its kind in Northern Cyprus. The Company aims to build several projects over the next 10 years bringing over 5,000 retired Europeans (mostly from the UK) to reside here. The first project (BOGAZ 1) will accommodate 640 retirees and completed by 2020. 80% of the residents of this first site are expected to be newly retired able persons and 10% retired persons with some degree of care needs, with the remaining 10% allocated under our corporate social responsibility programme to encourage the first generation British Cypriots and overseas retired Cypriots to make a return to their homeland.