How much does it cost to build a care home in Ireland?
There is an unrivalled opportunity on the horizon for owners and investors in Ireland’s private nursing home sector. The over-65 population in our country has grown by a third in the last ten years - a rate three times faster than the global population, according to the Department of Health.
This trend shows no signs of dissipating in the near future. Over the next 20 years, the number of people aged 85 years and over will increase from 89,000 to a projected 222,000.
As the population ages, Ireland’s Economic and Social Research Institute predicts there will be greater requirements for long-term care facilities than ever before.
With demands for care set to skyrocket in the coming years, the private care sector is uniquely placed to relinquish future burdens on Ireland’s healthcare system and support our older citizens.
Of course, financial viability is of crucial importance to any organization. In any construction undertaking, knowing the figures is essential.
Research shows the price per bed of building nursing homes in Ireland is, on average, circa €160,000. However, it is vital to note that this is just a ballpark figure – one that can undoubtedly be reduced without forsaking quality for residents or staff even with the ongoing upwards pressure of increasing construction costs.
By collaborating with a construction consultancy, care home developers will benefit from exceptional expertise and value for money, resulting in a mutually beneficial commercial relationship that nurtures financial profitability.
As one of Ireland’s leading independent project management and construction cost consultancies, Duke McCaffrey is perfectly positioned to help the private care sector with the obstacles and opportunities ahead.
We have long held a compassionate view on the need for more care homes in Ireland, helping numerous clients deliver premium quality care accommodation quickly, efficiently and cost-effectively.
One of our most recent projects is the New Build Care Centre at Kilmacanogue South, which will provide County Wicklow with an additional 119 beds of high-quality care accommodation. We have already delivered a number of other operational schemes with other schemes planned for delivery over the coming period.
Contact us to find out more.