Between 2016 and 2051, the number of people aged 65 or older in Ireland will grow from around 630,000 to roughly 1.6 million people, which means it will more than double.
This is the gist of the latest forecasts by the Central Statistics Office (CSO) of Ireland. The Irish “Economic and Social Research Institute (ESRI)” predicts a similarly swift increase by 89 to 94 percent, depending on the scenario, for the age group of those aged 80 and older before 2030.
Accordingly, Ireland’s population faces a massive ageing issue that will require major investments in amenities for care-dependant individuals. The reason why the demographic change is kicking in so late, or at least so late when compared to Germany, is that Ireland sustained a high birth rate into the 1980s.
The rapid geriatrification of the Irish society translates into an urgent need for action – especially in regard to inpatient care homes: Historically speaking, the supply in care spots has been structurally poor and falls short of demand even now. Structural deficits, for instance, are apparent in the limited handicap accessibility. The situation is compounded by the fact that a low single-room percentage and the prevalence of three-bed rooms are quite common in Ireland in this context. Going forward, however, the imminent demographic change will send demand for inpatient care soaring. Rather than requiring replacement buildings and upgrades of existing structures only, this calls for the creation of new care spots.
IMMAC Group originates in Germany, today the world’s third-oldest country in terms of median age. Since 1997, the group has covered the entire service spectrum in the healthcare‑ sector, from the acquisition of real estate to new-build construction and all the way to portfolio management. With its long-term experience in the whole life cycle of operation and property, IMMAC Group is aiming for a sustainable investment in the Irish eldercare market through successive acquisitions of operations and properties. Of key importance to this end is the market observation and analysis conducted by IMMAC Research to monitor the regional market with all of its peculiarities, and to match supply with demand. Working together with the Beechfield Care Group, which already operates three care homes in Dublin and which was acquired by IMMAC Group in late 2017, the group has now laid the ground for the future and for successful further acquisitions. “The demographic change when contextualised with the enormous pent-up demand for inventory upgrades, on the one hand, and with the various options in new-build construction, on the other hand, makes Ireland a highly attractive investment market,” commented Tim Sauer, Director of IMMAC capital (ireland) ltd.