Christie & Co has highlighted Wales as a huge potential market for care home development, with significant shortfalls in beds of the required standard predicted over the next 10 years.
In its Wales Healthcare Market Insight 2024 report, Christie & Co forecasts an undersupply of more than 9,000 beds by 2034. The report said only 604 beds were delivered between 2020 and 2024, either through new build or refurbishments, leaving Wales with 12,501 beds while demand stands at 21,155.
The report also said 40 Welsh care homes closed between 2020 and 2023, with just four opening. As of March 2024, Wales has 594 elderly care homes with an average capacity of 37 residents. Current occupancy stands at 92%, up from 90% in 2022-23 and more than the 89% rate in England.
Christie & Co regional director in care Rob Kinsman said: “Wales is behind the curve with England and Scotland in terms of new future-proof care bed provision coming forward. It is clear there is a significant opportunity for specialist developers, operators, funders, and private individuals to benefit from early mover advantage into the Welsh market.”
Total undersupply of beds is expected at 1,672 in North Wales and 7,423 in South Wales, according to the report.
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