Munich, 6 October 2025 – Once regarded as a niche investment, student housing took centre stage at Expo Real 2025, signalling its transformation into one of Europe’s most dynamic and resilient real estate asset classes.

During the panel “Student Housing: A Major Opportunity for Europe’s Cities,” senior representatives from Amsterdam, Barcelona, and PGIM Real Estate joined student housing specialist BONARD to explore how the sector is reshaping the housing environment across European cities, attracting institutional capital, and supporting balanced urban growth.

Cities and Investors Align on the Future of Student Living

The session, moderated by urbanist and innovator Prof. Greg Clark, CBE, brought together:

• Alderman Steven van Weyenberg, Deputy Mayor, Alderman for Housing, Land Development & Spatial Planning, City of Amsterdam

• Marc Unió Puig, Head of International Promotion, Barcelona City Council

• James Mathias, Senior Portfolio Manager, PGIM Real Estate London

• Samuel Vetrak, CEO, BONARD

Each speaker offered a perspective—from municipal planning and housing policy to global investment strategy—on how Purpose-Built Student Accommodation (PBSA) can help alleviate housing shortages and contribute to sustainable city development.

Market data presented by BONARD during the session confirmed that student growth continues to far outpace accommodation supply across Europe’s major study destinations. According to analysis covering 13.5 million students across 291 cities, PBSA market saturation remains low across the region—standing at 17 % in Madrid, 20 % in Berlin, 30 % in Greater London, and 37 % in Amsterdam—indicating significant market absorption potential and ample room for further development before reaching maturity.

Cities such as Amsterdam and Barcelona highlighted ongoing collaboration between public authorities and private developers, while PGIM Real Estate pointed to PBSA’s evolution into an institutional-grade investment class combining long-term stability with measurable social value.

“What makes student housing unique is that it delivers both social and economic value,” said Samuel Vetrak, CEO of BONARD. “Cities need suitable accommodation for students, and investors are increasingly drawn to its stable performance and strong long-term fundamentals.”

Three Key Insights from the Discussion

1. Student Mobility Is Shifting Toward Europe

   Europe has emerged as a magnet for international students and institutional investors alike. Cross-border capital allocations into PBSA continue to grow, as investors seek stable, socially meaningful assets backed by robust occupier demand and stable income streams.

   According to BONARD’s global mobility data, there is a gradual shift in student flows from traditional destinations such as the US, UK, Australia, and Canada toward Europe and Asia, fuelling further demand for purpose-built student housing in these regions.

2. Persistent Supply Shortfalls Across Europe

   Student enrolments continue to rise while new accommodation delivery lags behind. Even focusing solely on international students, the gap remains substantial: average PBSA provision across Europe’s key university cities remains well below one-third of total student demand, indicating significant capacity for further development before approaching maturity.

   According to BONARD’s estimates, the market absorption potential—expressed through the saturation ceiling rate—reaches 77% in Madrid, 85% in Berlin, 86% in Greater London, and 93% in Amsterdam, underscoring significant room for new development before approaching maturity.

3. PBSA as a Strategic Tool for Cities

   Well-planned student accommodation not only relieves pressure on private rental market but also supports wider urban development goals-attracting talent, generating tax revenue, revitalising underused districts, and fostering community vibrancy year-round.

   According to BONARD’s analysis of rental data between 2021 and 2025 across major German cities — including Berlin, Munich, Hamburg, Frankfurt, and Cologne — markets with limited PBSA stock experienced noticeably stronger rent inflation in the private rental sector compared to cities with a higher supply of purpose-built student accommodation.

   The findings highlight the stabilising effect of student housing on local affordability and its potential to mitigate rental pressures in broader housing markets.

A Market on the Rise

The Expo Real session highlighted that student housing has entered the mainstream of institutional real estate. Its fundamentals—reliable occupancy, resilient demand, and measurable community impact—make it one of the few real estate asset classes capable of delivering both stable financial performance and social benefits.

As Samuel Vetrak, CEO of BONARD, concluded, “Student housing has moved firmly into the mainstream of institutional real estate. Its continued expansion reflects both strong fundamentals and growing recognition of its social importance.”

About Expo Real

Held annually in Munich, Expo Real is Europe’s largest trade fair for real estate and investment, gathering thousands of global professionals to discuss key market trends and investment opportunities across all asset classes.

About BONARD

BONARD is an independent data company specialising in student housing, senior living, co-living, and Build-to-Rent sectors. With data on 291 European cities and 13.5 million students, BONARD provides reliable, asset-level metrics and benchmarking that enable clients to make informed investment and development decisions.

For media enquiries, please contact:
Jakub Ligac PR & Communications Manager
BONARD
tel: +421 918 547 287

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