Growing numbers of students studying in higher education, increasing international student numbers and significant unmet demand for student housing highlight the growth potential in the Spanish PBSA market.
Higher Education
The latest data from the Spanish Ministry of Universities shows that in the 2023-2024 academic year, the number of universities operating in Spain increased to 91, two more than the previous year. Madrid has the largest number of universities, with 6 public and 13 private universities.

Figure 1 – Distribution of Spanish Universities by Region Source: Spanish Ministry of Universities, 2024
In the 2023-24 academic year there were 1.76 million students enrolled in Spanish universities. This represents an increase of 2.3% from 2022-23 when there were 1.72 million students studying in higher education in Spain. Spanish government data shows that almost 75% of students in higher education in Spain study in a city other than the one in which they live and almost 30% have to change province to study.
International students in Spain
The most recent data on international students in Spanish universities broken down by nationality is from 2022-23 when numbers reached a reached a record high, according to Spain’s Ministry of Universities.
The Ministry says that there were 241,775 foreign students in Spain’s universities in 2022-23. This represents nearly 8% year-on-year growth and a 16% increase from the 208,320 students studying in Spain in 2019-20, pre-pandemic.
The 2022-23 figures include 180,563 international students enrolled in degree programmes and another 61,214 in exchange programmes.
Italy was Spain’s biggest sending market in 2022-23, with 28,810 students, followed by Colombia (23,623), France (19,656), Ecuador (17,121) and China (12,542).
Supply
Analysis undertaken in 2024 by Savills shows that Spain has “approximately 107,000 beds across 850 student housing assets, with an average of 125 beds per facility. Geographically, half of the available beds are concentrated in four provinces: Madrid (24.2%), Barcelona (14.1%), Sevilla (7.8%) and Granada (5.5%).” According to Savills, approximately 9,000 new beds were expected to enter the market across 26 new student housing assets in 2024, with a further 10,500 beds planned by 2026. Just over half of the beds in the pipeline are planned for Barcelona (3,700 beds) and Madrid (1,900 beds).
Savills figures show that Spain has an average provision rate of 7.4%, and a bed-to-student ratio of 1:13. Provision rates vary significantly across regions, ranging from 3.9% in Vizcaya to over 17% in Navarra and Salamanca for instance.
Spain to require private universities to provide student housing
In October 2024, the Spanish ministries of housing, economy and universities signed a protocol to address the housing crisis for students and release pressure on residential rental markets. In announcing the protocol, government officials noted that “in large capitals such as Madrid, Barcelona, Valencia or Seville, university students studying in the city constitute between 5 and 10% of the total population, and in other municipalities where universities have been located, such as Villafranca de la Cañada, Cerdanyola del Vallés or Sant Vicent del Raspeig, students represent between 42 and 72% of the local population.”
The protocol includes a series of measures within the scope of the three ministries’ powers to increase the supply of university housing and ensure that new universities offer housing solutions to their students as a necessary requirement for their implementation.
These measures include the implementation of financing mechanisms to provide public universities with resources for university accommodation and housing, especially in stressed areas, enabling developments to be carried out on public or heritage land, ceded or made available mainly by regional governments or town councils.
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GSL will host an Investor Summit – an exclusive gathering designed for distinguished global PBSA funders, investors, developers, and C-Suite operators in Málaga, Spain on 8 & 9 May 2025.
This summit will unite the foremost leaders of PBSA across Europe, with a particular emphasis on opportunities in the whole of the South Europe region. Led by seasoned investment professionals, these discussions aim to explore critical issues and emerging trends shaping the PBSA sector.
Visit our event page for further details and to apply for a place.
Thank you to our event sponsors: ASK4 Ltd.