The Spanish student housing market : a comparative analysis of its institutionalization process

Abstract

The Spanish real estate market has been a major target of institutional investors in recent years. This paper focuses on studying the degree of institutionalization of the Spanish student housing market through the study of 4 hypothesized determinants: the disappearance of the capitalization rate premium over traditional real estate asset classes, the professionalization of the supply, the substitution of direct investment vehicles for indirect investment vehicles and the consolidation of student housing companies and investors. Moreover, it provides a comparison with the American and British student housing markets. Our findings suggest that the market is not fully institutionalized, but it is showing a positive trend towards this status.