Construction of new retirement developments and sales of units are likely to be strong again this year, an analyst says.
Companies such as Summerset, Ryman Healthcare and Metlifecare are expanding fast to meet growing demand as the population ages.
Forsyth Barr analyst Jeremy Simpson said Auckland and Christchurch would continue to be a focus for development this year.
There were some risks in the near term, including a potential oversupply in Auckland.
"There's a lot of building planned and particularly you know when our housing market slows, then you have the two happening at the same time, then there are some risks there"
But he said the risks were not "dramatic" and sales were likely to stay buoyant.
"The sales activity has been very robust for the major operators... people like Ryman - in particular - are selling a large number of their independent living apartments and units off the plans - well ahead of being constructed.
"If we do get a bit of a pull-back or a quieten-down period for the housing market, then that can actually delay the sales process a little bit - if it does take a bit longer for people to sell a house before moving into a retirement village - but certainly there is no sign of the demand slowing up at the moment," he added.