Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "Europe Student Accommodation Market - Growth, Trends, Covid-19 Impact and Forecast (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Europe student accommodation market is projected to witness a Compound Annual Growth Rate (CAGR) of greater than 5% during the forecast period.
Countries like France, the UK, and Germany, boasting a high percentage of students engaged in tertiary education, are significant contributors to the demand for student accommodation. As a majority of European adults attained Upper Secondary and Bachelor's or equivalent education levels in 2021, student accommodation providers find higher education level students as a major component of their business, bolstering the growth of the student accommodation market in Europe.
COVID-19's Impact on Europe Student Accommodation Market
The COVID-19 pandemic led to a drastic shift from classroom to online education in Europe, resulting in a decline in the demand for student accommodation during 2020-21. However, as educational institutions reopen their doors to students and the global economy recovers from the pandemic's effects, accommodation providers are anticipating positive growth in the market.
The United Kingdom, for instance, witnessed an increase in the share of adults in education from 41% in 2019 to 44% in 2021, creating expectations for market recovery with the resumption of colleges and COVID-19 recovery.
Europe Student Accommodation Market Trends
Percentage of Young Adults in Education Impacting Student Accommodation Market
Countries like Iceland, Ireland, Italy, France, and Germany observed variations in the enrollment rates of young adults (18-24 years) and adults (25-29 years) in education from 2019 to 2021. Germany had 62% of adults aged 18-24 years enrolled in school in 2019, and this figure is expected to rise to 61% by 2021. Similarly, Iceland and Ireland witnessed growth in the adult population engaged in education from 56% and 59% in 2019 to 59% in 2021.
The percentage of GDP spent on education is also a crucial factor driving the demand for student accommodation in Europe. Switzerland, Iceland, Sweden, and Finland allocate a substantial portion of their GDP (5.7%, 7.7%, 6.7%, and 5.7% respectively) to education. These countries attract more students, leading to a surge in demand for housing and fostering growth in the student accommodation market. Additionally, Iceland and Ireland's efforts to make it easier for students to choose schools outside of Germany and France have contributed to market growth in these regions.
Investment in Education Paving the Way for Lucrative Growth
Countries in Europe with better educational facilities and higher investments witness a higher influx of students, driving the demand for student housing in these regions. The UK, Chile, Germany, and the Netherlands, hosting top universities, attract both domestic and international students.
In 2020, general government expenditure on education in the EU amounted to EUR 671 billion, equivalent to 5% of the GDP. Germany's significant spending on R&D education (1.5% of GDP) and secondary education (1.4% of GDP) is linked to the demand for student housing and the growth of educational institutions in these regions.
Europe Student Accommodation Industry Overview
The COVID-19 pandemic severely impacted student accommodation services, leading to a steep decline in revenue. In response, accommodation providers are offering a range of products with price variations to ensure affordability, and high-quality accommodations hold greater value in the market. As educational institutions reopen and students return, providers are introducing various schemes to capture a larger share of the market.
Key players in the European student accommodation market, such as Nestpick, AmberStudent, Spotahome, UniAcco, Ocxee, Roomi, Housing Anywhere, and Homelike, are actively competing in the industry.
A selection of companies mentioned in this report includes
- Amber Student
- UniPlaces
- Housing Anywhere
- Casita
- Yugo
- Nestpick
- Spotahome
- UniAcco
- Ocxee
- Roomi
- Homelike
For more information about this report visit https://www.researchandmarkets.com/r/2ui1oq
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