Residents of assisted living facilities pay NIS 900 million a year for maintenance and deposits, said Association of Assisted Living Facilities in Israel chairman Ilan Tamir at an association conference last week.
Tamir said, "A market study found that 650,000 Israelis are over the age of 65, of whom 75,000 have the financial wherewithal to buy units in high quality assisted living facilities. 10,000 people currently live independently in assisted living facilities, after buying units for an aggregate NIS 8 billion. Another 10,000 people reside in Ministry of Housing and Construction hostels, and 30,000 receive nursing care in old-age centers."
Avraham Rubinstein and Co. Building, which built the Ahuzat Rishonim assisted living facility in Rishon LeZion eight years ago, has decided to build a chain of facilities. The chain currently owns four assisted living facilities, with two more under construction. Tamir was recently appointed CEO of the chain. Avraham Rubinstein has invested NIS 1.2 billion to date in assisted living facilities.
Tamir said the average price of a one-room unit in an assisted living facilities was $124,000, and the average monthly maintenance cost was NIS 3,181. The average price of a two-room unit is $153,000, and the average monthly maintenance cost is NIS 3,400. The average price of a three-room unit is $250,000, and the average monthly maintenance cost is NIS 5,300.
Published by Globes [online], Israel business news - www.globes.co.il - on February 20, 2005