What are some developers doing in other parts of the world with senior housing? ACVV Retirement Village in Mossel Bay, Garden Route, South Africa is nearing completion on a 44 unit project is located in the coastal city of Mossel Bay and is an age restricted community for those in the 55+ category. The design of the units has a one car garage and is contained on one level. The project provides a life – rights contract that provides the estate of the senior a a means to sell the units at 90% of fair market value as determined by an independent appraiser and those proceeds are given back to the estate. The facility will provide several services at its service center that will be based upon pay as you go. Sounds very similar to models used in the US.
Housing in South Africa has become more important as part of the political climate as protests have pressured President Jacob Zuma to focus on providing more access to basic services including housing. Some estimates show that there is a backlog of over 2 million homes that are needed to meet immediate needs for housing in South Africa. Much like the US, the South African real estate market has slowed across all demographic profiles and is expected to show some signs of recovery in 2010.