European PBSA Market Dynamics

Explore the interactive map below updated on a quarterly basis. Search for or click on a city to learn about student demand with the total number of students and share of international students, student housing supply with total PBSA provision rates, and quality of education with the number of highly ranked universities. This map covers 30 cities across 13 countries but JLL has much more insight to share. If you would like to know more, please get in touch with us through the contacts below.

• European PBSA investment in 2024 rose 34% to €7.2 billion, despite slowdowns in Q4 (-7% YoY). The UK accounted for 62% of 2024 investment, followed by Spain at 12%, double the 2019-23 share. The largest annual increases were Ireland, the Netherlands and Spain, which were all boosted by a handful of large deals.
• Growth of new stock in emerging markets spurred an uptick in forward investment in 2024, up 52% on 2023. This is supported by a recent slowing in construction cost growth (+2.1% vs 3.9% in 2023). Developers and propcos grew to 26% of PBSA investment, as investors sought expansion in markets with limited trading stock.
• Rental growth peaked in 2023/24, with listed operators reporting increases of >6%. Occupancy rates remained robust at >98%. Looking ahead, rental growth is projected to remain strong in 2025/26, outpacing inflation.

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