France has become an increasingly attractive destination for student housing investment, supported by several major transactions over the past few years.
The most recent ones include GSA and Nuveen’s€540 million acquisitionof the 18‑asset YouFirst Campus portfolio in 2024, now operated under the Yugo brand, and the €190 million purchase of six Student Village residences by a joint venture involving J. P. Morgan and QuinSpark Investment Partners in 2025. Momentum has continued with Norges Bank Investment Management entering the market alongside GSA.
This activity demonstrates growing institutional confidence in one of Europe’s largest student markets.
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France is the largest student market among the European countries monitored by BONARD, with more than 3 million students and high international and domestic mobility (11% and 52%, respectively).
Demand is expected to remain resilient, although international student enrolment will be shaped by several factors: tighter policies in Canada and the UK may redirect students towards less restrictive study destinations such as France, while higher fees for newly enrolled non‑EU students from 2026/27 may influence student enrolment patterns, particularly among students from lower‑income countries.
PBSA supply continues to lag behind demand, with around 335,000 beds and 26,413 pipeline beds being insufficient to close the gap.
A strong demand base as a driver of student housing growth
France is the largest student marketamong the 23 European countries monitored by BONARD, including the UK, with more than 3 million students.
International students represent around 11% of the total, led by those from 🇲🇦 Morocco, 🇩🇿 Algeria and 🇨🇳 China, while domestic mobile students account for an average of 52%. This high level of mobility creates sustained demand for student accommodation.
The country also benefits from a broad and highly regarded academic landscape, with more than 750 higher education institutions1, including 74 globally ranked universities1. Its appeal is reinforced by a growing selection of English-taught programmes, comparatively low tuition fees, extensive financial support, cultural diversity and a rich historical heritage.
This strong demand is supporting continued growth in the student housing market. Between 2024 and 2025, private PBSA supply across 10 major French cities increased by 7%, reaching more than 123,000 beds in 911 assets.
The market currently includes 55 operational private portfolios, led by Studéa with 16,209 beds, Les Estudines with 14,312 beds and Twenty Campus with 11,152 beds.
Non‑private providers also play a significant role, with CROUS, ARPEJ and Fac‑Habitat among the leading operators. Their active development pipelines indicate further expansion in the coming years.
Future outlook
Student demand in France is expected to remain resilient, supported by its diverse academic offering, growing range of English‑taught programmes and strong reputation as a study destination.
France may also attract students reconsidering markets that have tightened international education policies, including Canada and the UK. This could partly offset the impact of higher differentiated tuition fees for newly enrolled non‑EU students at public institutions from 2026/27. While exemptions will remain available and the currently enrolled students will not be affected, the change may weaken demand from more price‑sensitive markets.
At the same time, PBSA deliveries have remained insufficient to keep pace with growing demand, reinforcing the country’s structural accommodation shortage. The pipeline currently comprises 149 projects1 and 26,413 beds1, with 31% of them located in Greater Paris, but this remainsinsufficient to close the supply gap.
The planned entry of brands such as Aparto and Camplus, alongside continued expansion by established operators, further demonstrates strong investor confidence in the French student housing market.
1 Among 31 French cities that are monitored by BONARD
What does this mean for stakeholders?
France continues to offer attractive opportunities for expansion.
International student enrolment patterns may evolve as policy changes take effect, but the country remains well positioned to attract a broad and diverse student population. Strong domestic and international student mobility should continue to support demand across major university cities.
The accommodation shortage remains substantial, particularly in Greater Paris, creating room for both new entrants and established platforms to expand.
However, performance will increasingly depend on careful site selection, appropriate pricing and a product tailored to demand. Stakeholders able to deliver well-located, competitively priced and professionally managed accommodation should be well placed to benefit from the market’s continued development.
"France faces a persistent structural housing shortage, with demand continuing to outpace the current pipeline. This massive supply‑demand gap, coupled with France's growing appeal as a top global study destination, offers prime opportunities for investors to deliver professionally managed accommodation"
Barbora Kurjatko
Real Estate Consultant, BONARD
For a deeper understanding of student housing demand, supply gaps, development pipelines and market-level provision rates, explore the BONARD Platform or learn more about how BONARD supports market selection and investment strategy.
For tailored advice on evaluating student housing opportunities in France, contact Filip to explore how he can support your next acquisition or development strategy.
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