The share of private sector student accommodation in Prague stood at 6% of the total stock of purpose-built student accommodation (PBSA) in October 2019, up slightly from the 5% recorded at the same time last year, according to the latest Savills research.
“Considering the growing number of foreign students studying in Prague, who are the main users of private PBSA, plus taking into account the ongoing construction and future plans of commercial providers, we expect that the share of private PBSA will continue to rise over the next few years,” says Lenka Oleksiaková, Senior Research Analyst at Savills in the Czech and Slovak Republics.
In the report, “Student Housing in Prague”, the international real estate advisor says that there were 11 larger private residences (with capacity of 35+ beds) in October 2019 offering accommodation to students in Prague, which together with a number of smaller properties brought the total number of beds provided in private facilities to approximately 1,600 out of a total stock of 26,700 beds.
Zeitgeist Asset Management was the largest private provider of PBSA in the city with 420 beds after acquiring three student residences in the first half of 2019 and expanding its U Průhonu property’s capacity. The largest student housing project is currently DC Residence located in Prague 4 with a total of 310 beds, but this will be surpassed in autumn 2020 when Karlín Group and International Campus enter the private PBSA market by opening their joint-venture project, The FIZZ Prague, in the Prague 7 - Holešovice area. This will add another 640 beds to the private PBSA stock.
The report forecasts that the share of private-sector PBSA in the Czech capital will continue to rise as the volume of public PBSA stock continues its gradual decline. Further factors driving the private sector’s growth are that the fall in the Czech population in the 19-24 age group will slow over the next years, the number of international students enrolled at Prague higher education institutions (HEI) will continue to grow, and more commercial PBSA providers will enter the Czech market.
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