According to the director of the Property Fund for Living SICAV, appearing under the acronym PFFL, construction will begin next year. Its goal is to collect at least 1 billion crowns in the next four years, while the investment horizon of the fund for investors is at least 3 years. According to Fojtík, the total price for the plan for the construction of senior housing will exceed 3 billion crowns. The price for a bed then climbs to 1.2 to 1.5 million crowns.
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“We would like to build at least 20 new homes with a total capacity of 3,000 beds within eight years. The public sector suffers from a lack of flexibility, building and operating houses at very high costs. We are ready to change this, “said Fojtík.
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Currently, according to Fojtík, the fund is about to acquire several plots of land. In addition, at least one or two homes for the elderly will be purchased later this year. “We are preparing further construction for 2022,” adds the director of the investment fund.
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According to him, part of the construction will be financed by banks, in a ratio of approximately 30 to 40% per fund, and the rest will be financed by the bank.
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The investment fund responds to long-term developments, according to which the demand for places in residential facilities for the elderly will increase rapidly. The number of people over the age of 65 is expected to increase by 250,000 to 2.3 million by 2025. In 2035, the total number will go to over 2.5 million people.
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If this is not resolved as soon as possible, more and more families will have to take care of their dear grandparents on their own.
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Currently, the capacity of beds is only for about 40 thousand seniors in about 600 homes throughout the country. “The state has dramatically underestimated the area. If this is not resolved as soon as possible, more and more families will have to take care of their dear grandparents on their own. It is really a time bomb, “said Martin Fojtík, who has been operating in the real estate market for more than 15 years.
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Property Fund for Living SICAV
Martin Fojtík, director of the PFFL fund.
The fund focuses on the financing, construction and operation of real estate in the field of health and medical care, especially homes for the elderly, both classic and homes with a special regime – Alzheimercenter, through real estate companies.
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Developers behind the PFFL fund have experience in building private homes for the elderly. They have projects in Chrudim, Kolín or Klamovka in Prague.
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Every year, around 80,000 unsatisfied applications are registered in homes for the elderly. It is common practice for most applicants to submit several applications at once, on average three to five. But even that doesn’t help.
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The state is currently unable to meet demand, has no concept, has overpriced construction and inefficient operation.
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“The waiting time for the bed is two years, which is definitely not dignified for us. The state is currently unable to meet demand, has no concept, has overpriced construction and inefficient operation, “added Martin Fojtík. “One of the goals should be to increase the quality of life of seniors to a level known from abroad.”
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The paradox is that there is currently no subsidy program for expanding the necessary network of homes for the elderly or homes with a special regime. A minimum amount of funds to support seniors is also allocated from EU funds.
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“It is necessary to prepare a construction concept across the entire republic. Unified construction that will ensure economical operation and a comfortable environment for seniors. We can do all this, we are looking for private money for it, “says Fojtík.
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“We can build one bed between 1.1 and 1.3 million crowns depending on the size, standard and price of the land. The aim of the fund is to collect at least 1 billion crowns in the next four years, the investment horizon of the fund for investors is at least 3 years, “he added.
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