Purpose Built retirement village and care home in Paphos

[retire2paphos]

Hi everybody, We were recently approached by investors in Paphos, Cyprus, a lovely couple with a vision, in a bid to check out the feasibility of setting up a brand of 'Purpose Built' retirement villages and care homes across Cyprus and in particular Paphos where the first one is envisaged, and after a very interesting trip to Paphos with my colleague from Portugal who is in the retirement market like us, we came to the conclusion that the investors had learnt enough from our experience and knowledge together with their vision, that there was a possibility that their investment would be put to good use. They are thinking on the lines of accommodation for expats in Cyprus, Cypriots wishing to return to Cyprus from the UK, and maybe some Expats wishing to settle in Cyprus having worked in Middle East and not wishing to return to UK to retire.

I am therefore interested to learn from anybody what call there is for this kind of a venture, and would be grateful for any guidance on the matter.

[Dominic]

This subject is being discussed on our Facebook group. I mentioned that the chap looking for information might want to post here too, as some of our members don't use facebook.

This is why retire2paphos has posted here. He is not spamming. He was invited to post here.

[ApusApus]

Hi retire2paphos

This is such a broad canvas of a subject as existing care here is very mixed & varied! Expats (I'm presume we are talking about UK ones) who already reside here are fairly well covered though the quality of care may vary widely from location to location. In my experience, returning Cypriots will not go into a retirement village, instead they will almost certainly go back into the fold of their family & I can't comment on UK Expats who have worked in the Middle East!

If you are looking at attracting UK citizens out to Cyprus then there is already some stiff competition in place, see the following for example : http://www.elysianfieldsproperties.com/ ... nt-village!

Another important thing to consider is what mix of care you intend to provide, some people could have minimal care needs but others could have very complex ones ............. and there are many degrees in between?

Finally, the cost of the Care Complex needs to be fully researched. Do you go for a purpose built one or try to adapt an existing building, both will be expensive? What will the structure of the Complex comprise in terms of accommodation, for example, do you have Studios/Apartments for the more mobile residents, warden controlled blocks for those that need them & a fully operational care home or nursing home at the heart?

Good luck if you go ahead with the venture?


Shane

[sued51]

I had just written a long reply to the original post but have managed to just delete it - my excuse is stress due to my Mother needing care at the moment and me being chief carer!

Basically, there is NO care available in Paphos for the elderly, with the exception of the home carers (who are generally excellent), but who are not suitable in every case, we have tried 2 "care" homes recently, one for as little as 3 hours as it was so awful, the other for just under 2 weeks, i wasn't really any better, but it did the job in the time it took to modify the house for her to return home.

Literally anything anyone can do will be an improvement on what is available at present and this is a massive problem for expats and also beginning to be for Cypriots as more and more young people are working and moving away, so are not on hand to care for elderly relatives, please please get something to help expats continue to live in the country they have adopted off the ground, I'm sure there will be a waiting list, please can you put my Mother down - she is doing well at home at present, but who knows what will happen in the future

[retire2paphos]

Well thank you Sued for your encouraging words. I shall certainly be passing this on to the investors we are working with. I must admit after seeing the Paphos Retirement Village, Droushia advertised through elisanfieldproperties as shown in the previous post, this one does look the business and perhaps our investors are unaware of this project?

[Dominic]

It would be useful to this site if you could also point out the benefits of a banner advert here. It gets seen about 100,000 times a month, believe it or not.

[ApusApus]

I believe the Droushia Retirement Village has been operational for a couple of years now!


Shane

[Miloman]

I do not agree with Shane that residents here are "fairly well covered". I do agree with Sued51.
I think there is a great opportunity in Cyprus for both Sheltered housing and care home projects. None of my friends here want to have to go back to the UK and all of us are concerned of the future in our "twilight" years.
Mike

[WHL]

Ive known many Expat couples, that once one of them has passed, the other, goes back to the UK, I think thats generally the way things work out,

[sued51]

I have just looked at the link to the retirement village in Droushia - something I was unaware of, however it would not have been suitable for my Mother when she needed to leave hospital and be cared for. What appears to be really needed is somewhere that is available for both long and short term care at various stages of illness/disability and also something which elderly people can rent rather than buy. My Mother, like many people owns her own house and has some money in the bank, but to pay for long term care we would have to sell the house which could take some time and may not realise the amount needed to buy somewhere like the village in Droushia.

Even at today's interest rates the money could be invested to provide enough additional income to her pension to pay rent even at a fairly high rate. Also, mainly we are talking about elderly people whose partner has passed away and have no family in Cyprus, so surely rather than buying another property, it would make more sense to rent for as long as necessary, saving their families the hassle of having to sell a house when they are no longer around?

[ApusApus]

Ive known many Expat couples, that once one of them has passed, the other, goes back to the UK, I think thats generally the way things work out,

That's generally my experience as well!


Shane

[emgee]

If this was "do-able", then I believe a Cypriot would already be "ding it".

Alan

[emgee]

If this was "do-able", then I believe a Cypriot would already be "doing it".

Alan

[WHL]

I think its like most things Expat related, just like the crematorium, etc all sounds great and something that theres a need for, but when it comes to financing etc, its a non runner, just not enough people to make it viable.

[josef k]

The main reason that such facilities are thin on the ground here is the use of Domestic Workers from overseas (previously called Housemaids), who live in full time and generally provide good care for those needing help with day to day living. They can't provide nursing care of course. If people are over 75 they qualify (any age if they have a disability) and the ball park cost for a live in worker is a tad over 400 per month. There are 30,000 such workers here, which is why there are not many care homes. For a care home to work it would have to compete on price.

[trevnhil]

Two years ago we looked for a nursing home for our Dad.. €1,600 was the price then... In advance !!

[Dominic]

If this was "do-able", then I believe a Cypriot would already be "doing it".

Alan

If everybody adopted that attitude nothing would ever happen!

[TLR]

Ive known many Expat couples, that once one of them has passed, the other, goes back to the UK, I think thats generally the way things work out,

That's generally my experience as well!


Shane

Not everyone has links back in their home country, our children live in three different continents, with their own lives.
Even if we wanted to, moving closer would not be an option, nor returning to the UK.
I'm sure there are other long term expats in the same situation, in any case it sounds like an idea worth exploring.

[ApusApus]

In answer to TLR, just to be clear!

I don't disagree, in fact my wife & I did look into this a few years ago, the problem is cost! Ask yourself how much are you prepared to pay & how much can you pay? To get a permanent room in a fully compliant residential care home with dementia & nursing support, has an onsite pharmacy, specialist equipment & consultants on hand and still has to be built, well you can expect to pay upwards of 1,000 euros per week ............ how many of us can afford that?


Shane

[WHL]

Two years ago we looked for a nursing home for our Dad.. €1,600 was the price then... In advance !!

Thats about the going rate now, plus you have to provide , incontinence wear etc etc