Eurofund Group, the international real estate investment and management company, will allocate €110 million to the development of the first projects of its new senior living brand, Luana, in Spain. The complexes will be located in El Paraíso, Estepona, and Miraflores, Mijas, and are scheduled to open in 2027.
The first of the projects, Luana El Paraíso, in Estepona, will have 129 one and two-bedroom flats spread over an area of more than 17,000 square metres. Luana Miraflores, in Mijas, will offer 157 homes of similar characteristics, in an area of more than 20,000 square metres.
Dan Sandford, CEO of Eurofund Living, said: "Spain's ageing demographic, coupled with the relative immaturity of its senior living market and the growing interest of retirees in seeking such locations, presents an excellent opportunity to develop senior living projects in the country. Eurofund Group continues to work and look for new opportunities to develop projects such as this one".
Luana will offer complexes designed for people over the age of 65, with a focus on independence and the enjoyment of an active lifestyle. Residents will have access to services such as maintenance, security, cleaning, catering, spa, beauty salon and physiotherapy, with professionalised management that prioritises wellbeing and comfort.
These projects respond to the needs of a growing demographic segment, providing a community environment that seeks to combat social isolation, a problem that, according to a survey by La Caixa, affects 85% of the Spanish population over the age of 60.
Spain, a strategic market for senior living
According to Eurostat, in 2022 more than one fifth of the population of the European Union was aged 65 or over, and this figure is expected to increase by 43% by 2050. Spain stands out as a key destination for the development of senior living projects, with almost 500,000 foreigners over the age of 65 living in coastal areas, a number that is expected to grow by 25% in the next five years.
Factors such as climate, quality healthcare and land availability make the country a favourable environment for initiatives such as Luana.
The launch of Luana is part of Eurofund Group's living division, created in 2022 with projects targeting various stages of life. The company launched its first coliving initiative for young professionals and students in London, reaching 100% occupancy. With Luana, Eurofund Group expands its focus on the senior segment, with projects aimed at offering quality of life in a Mediterranean environment.
