As Ireland's older population increases substantially, the need for specialist accommodation continues to rise

GROWING OLD gracefully in ageing or unsuitable homes is justifiably being consigned to the property dustbin as older people investigate the possibilities of appropriate 21st century living accommodation built specifically for their key requirements.

But while the trend for replacing dentures and twinsets with implants and botox continues, there is still little on the property market to meet the increasing demand for appropriate homes for those who no longer want to climb flights of stairs or walk long distances for regular, essential care.

Property developers have only recently embraced the idea of independent-living villages attached to nursing homecare centres, but they generally follow demand rather than create trends. The lack of this type of accommodation could reach crisis proportions within the next decade if, as predicted, our elderly population doubles.

In addition, the percentage of Irish people renting rather than buying homes is also set to climb as our obsession with property ownership dissipates.

In many cases it makes perfect sense for older people to rent a unit in a purpose-built development that allows personal freedom and sociability within a framework that includes as much or as little medical care as is required in an environment that is safe, clean and secure. And in terms of cost, typically, the interest earned on, say, €400,000 annually would pay the cost of living in one of these developments.

Ireland's older population is set to rise dramatically over the next decade and the so-called "grey boom" is creating demand for a range of services for over 65s.

The number of people aged 65 years and older is predicted by the Central Statistics Office to increase in every region of Ireland over the coming years which will see a reverse in the Irish population profile.

This means that more than half the population will be aged 55 years and over, a trend that is expected to continue. This represents both problems and opportunities for older people as well as for developers, investors, buyers and sellers in the property marketplace.

Projected rises in migration will also exert a strong influence on this age group and of particular note is the almost doubling of the number of people aged between 45 to 64 in the Mid East region where the number of people aged 65-plus will increase by 133 per cent. The much older population (those aged 80 years and over) according to the Central Statistics Office, will also increase by two-thirds by 2021. This is taking place against a background where more and more in our society thrive on the different generations interacting with each other in all age groups across interests and abilities.

It should also come as no surprise that older people can and often do provide better fun and laughter than the more cynical and stressed younger generation.

Witness the influence of our parents on our generation's children.

It is no longer about the odd shilling being pushed into the child's hand as he leaves after the annual grandparents' visit. Now grandparents play a very important part in their grandchildren's and children's lives.

This now continues long after the traditional handover at their offspring's marriage which normally marked the point of division. And because older people are now living much longer this ongoing influence has become an important part of child rearing.

And our older generation also has a lot more money than before, when many could only afford a holiday after their children had fled the coup.

They finally have some money to spend on themselves and, refreshingly, fewer of them are depriving themselves in order to leave behind a big inheritance. After all, their kids have more than they ever had and better capabilities of paying for it all. The best inheritance they can leave behind is good memories.

Many older homeowners find they are sitting on very valuable parcels of property which may require high maintenance costs but offer tremendous equity release options.

Others decide to trade down to a smaller, more manageable, home while some also opt to invest overseas so that they can live part of the year in sunshine, while the rest of us suffer inclement Irish winters.

But this option comes with some drawbacks such as airline travel and security concerns. The stay-at-home bunch who move to a new area can find themselves separated from their friends and placed alone in a new environment that will ultimately require them to move again within five or 10 years as they age further and require more services than is presently being provided in many new developments.

For many of those growing older there comes a time - however fit, mentally alert and up-to-speed you are - when recognition dawns that climbing ladders, painting ceilings, mowing lawns or driving a long way is too much for comfort.

A less demanding life is sought and increasingly security has become more of a priority as have health-enhancing facilities such as gyms, swimming pools and meeting places.

Financial implications and medical back-up are also important, particularly as the years pile on, while a peaceful environment with no responsibilities for maintenance is vital.