European Student Housing: Sector Capitalization, Drivers and Investment Characteristics

This dissertation sought to investigate the student housing sector in Europe, focusing on the investment characteristics, drivers and performance of this asset class. Over the last decade the sector has grown substantially, but there has been little done to track the sector. This research, through access to transactional data from 2007 to 2017, created a hedonic index for both the UK and Europe which was used to compare to other real estate sectors. Results indicate that student housing acts as a diversifier owing to its non-traditional drivers. The sector had representation only in the UK-based mixed asset portfolios while the European sector’s higher volatility prevented its inclusion. Interviews highlighted the differences between the two regions with the higher education industry, supply and demand dynamics and the regulation of the student housing sector all important for explaining why the UK market has grown substantially more than Europe. This research confirms the strength of student housing not only as an alternative investment, but also as an asset class in its own right.

Name dc:type.qualificationname

Master of Philosophy (MPhil)

Level dc:type.qualificationlevel

Masters

Grantor dc:publisher.institution

University of Cambridge

Year dc:date.issued

2018

Author dc:creator

• Davies, Frederick

Advisor dc:contributor.advisor

• Fuerst, Franz

• Key words: alternatives
• student housing
• hedonic index
• mixed-asset portfolio

Licence

• https://apollo8-f-pro.lib.cam.ac.uk/bitstreams/fe39122a-55d4-4caa-8be6-12d0ccd4f539/download
• https://www.rioxx.net/licenses/all-rights-reserved/

Language dc:language

en

DOI dc:identifier.doi

https://doi.org/10.17863/CAM.25444

OAI identifier oai:identifier

oai:www.repository.cam.ac.uk:1810/278105