University education is becoming globalised.
Young people currently completing their secondary education and wishing to attend University as undergraduates are known as the ‘millennial generation’ having been born in the decade around the turn of the century. As well as being the most technically savvy generation there has ever been, this group are highly transient, well-travelled and more willing to study in other countries than ever before. More students from around the world are choosing to study at European Universities every year as an increasing number of courses are being offered in English.
Germany has latched onto this opportunity and is taking full advantage of the millennial generation’s more liberal attitude to studying abroad, because unlike many of their European counterparts, German Universities do not charge tuition fees for either domestic or international students. German Universities are therefore an extremely attractive option for international students, providing the chance to live in stimulating, exciting, culturally rich and vibrant cities and study in an globally renowned establishment, offering courses in English, for free.
Unsurprisingly therefore, Germany has more Universities moving up the global University league table than any other country in Europe.
Students wishing to attend University in Germany have plenty of choice! Factors such as the quality and availability of leisure and lifestyle related issues are therefore becoming as important in attracting overseas students as the University courses themselves in determining where they should chose to study and quality accommodation has a key role to play in this decision making process. If German Universities are not supported by sufficient quality accommodation they are unlikely to attract as many international students as other European countries.
The historic reduction in the number of years within the German education system & simultaneous removal of compulsory military service in Germany which created a huge increase in domestic student volumes going to University was a one-off, but the increase in international students choosing to study in Germany is a continuing trend that is driving overall year on year volume growth which is expected to continue. This is not a flash in the pan. With a total population of over 80 million people in Germany it is unsurprising that total student numbers in Germany are the highest in Europe at 2.5 million. However, what is surprising is that the provision rate of student housing is amongst the lowest in Europe at less than 15%, presenting a huge demand supply imbalance in total numbers.
Crosslane seek to capitalize on this opportunity and in addition to the two existing German assets already developed, have ambitious plans to continue to develop high quality purpose-built student accommodation across Germany, with a target to deliver 10,000 beds in the next 5 years.