# Hong Kong student housing deficit could reach 137,000 beds by 2028/29: Knight Frank

- **Source:** Real Estate Asia
- **Published:** 2026-07-26T23:04:24.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/residential/news/hong-kong-student-housing-deficit-could-reach-137000-beds-202829-knight-frank
- **Topics:** Government & Policy, Investment & Capital Markets, Regional Markets

## Featured rationale

Severe undersupply may attract further institutional capital and accelerate hotel and office conversions, potentially supporting stable income and repositioning opportunities in student accommodation.

## AI summary

Hong Kong’s student housing deficit is projected to widen from about 82,000 beds in 2025/26 to around 137,000 by the 2028/29 academic year.

## Original article

Over 15 hotel assets have either been converted or earmarked for redevelopment as hotel-to-student-accommodation conversions.

Hong Kong's student accommodation market is emerging as one of the territory's most compelling alternative real estate sectors, underpinned by rapidly rising international student numbers, a widening supply shortfall and growing institutional investment, according to Knight Frank.

In its latest report on the future of student living in Hong Kong, Knight Frank said coordinated efforts by universities to expand teaching capacity, coupled with more accommodative post-graduation employment policies for non-local students, have significantly strengthened the city's appeal as an education destination. As a result, non-local student enrolment has grown at an estimated compound annual growth rate of about 23% over the past five years.

Knight Frank projects the number of non-local students will reach 166,000 by the 2028/29 academic year, based on current government policies, including capped government-funded programmes and annual growth of around 15% in self-financing enrolments.

However, the consultancy said the supply of student accommodation remains severely constrained. Because university-operated dormitories are partly reserved for local students, Hong Kong faces an estimated shortfall of about 82,000 student beds in the 2025/26 academic year. Despite planned university developments and private-sector conversion projects, Knight Frank expects the deficit to widen further to around 137,000 beds by 2028/29.

Knight Frank said the supply-demand imbalance has fuelled rising institutional interest in the sector. Following the city's first hotel-to-student accommodation conversion in Hung Hom in 2022, which Knight Frank facilitated, more than 15 hotels have since been converted or earmarked for conversion, adding more than 5,000 student beds.

According to Knight Frank, three- and four-star hotels have been the preferred acquisition targets due to their relatively attractive pricing, suitable building layouts and lower conversion costs. These characteristics have enabled investors to reposition underutilised hospitality assets into income-generating student accommodation with comparatively modest capital expenditure.

The consultancy noted that both international investors and local developers have entered the market. Among the notable projects are Y.X, backed by Crystal Investment through a partnership with AEW Capital, and Sunny House, developed through a collaboration between Wang On Properties and Angelo Gordon, which is currently Hong Kong's largest private student accommodation asset. Traditional residential developers have also entered the sector, with Henderson Land leasing an entire residential property to The Chinese University of Hong Kong under a master lease, while Easyknit has partnered with iRent to convert a residential building into student accommodation.

Knight Frank said government support has further accelerated market activity. The "Hostel in the City" scheme, introduced in July 2025, allows faster conversion of commercial buildings through planning flexibility and regulatory relaxations. Since its launch, more than 25 commercial properties have applied for conversion, representing a potential pipeline of over 5,000 additional student beds in the medium term.

With most suitable hotel assets already absorbed, Knight Frank said investors are increasingly turning their attention to underutilised office buildings, particularly those with retail podiums that offer greater flexibility for reconfiguration and enhanced amenities.

Looking ahead, Knight Frank expects Hong Kong's student accommodation sector to become increasingly institutionalised, although it remains at an earlier stage of development than more mature markets such as the United Kingdom and Australia. The consultancy believes institutional funds seeking stable, defensive income streams will continue increasing allocations to stabilised student housing assets, while local developers are likely to view the sector as an attractive avenue to diversify beyond traditional residential development.

Knight Frank concluded that the territory's structural undersupply, supported by sustained demand from tertiary institutions and international students, will continue to underpin student accommodation as one of Hong Kong's most attractive opportunities for yield enhancement and asset repositioning.

## Chinese translation

> Translation model: grok

### 莱坊：香港学生宿舍缺口到2028/29学年或达13.7万床位

香港学生住宿市场正成为该地区最具吸引力的另类房地产板块之一，受国际学生人数快速上升支撑。

逾15处酒店资产已完成或已规划改建为“酒店转学生宿舍”。

据莱坊（Knight Frank），香港学生住宿市场正成为当地最具吸引力的另类房地产板块之一，支撑因素包括国际学生人数快速增长、供应缺口扩大，以及机构投资升温。

在最新关于香港学生生活未来的报告中，莱坊表示，大学协调扩大教学容量，加上对非本地学生更宽松的毕业后就业政策，显著提升了香港作为教育目的地的吸引力。因此，非本地学生入学人数过去五年估计以约23%的复合年增长率增长。

基于现行政府政策——包括受资助学额设上限、自资课程入学人数年增约15%——莱坊预测，到2028/29学年，非本地学生人数将达166,000人。

然而，该顾问机构指出，学生宿舍供应仍严重受限。由于大学运营的宿舍部分预留给本地学生，香港在2025/26学年估计短缺约82,000个学生床位。即便计入大学规划建设及私营部门改建项目，莱坊预计缺口到2028/29年将进一步扩大至约137,000床位。

莱坊表示，供需失衡已推动机构投资者对该板块兴趣上升。继2022年红磡首个酒店转学生宿舍项目（由莱坊促成）之后，已有逾15家酒店完成改建或已规划改建，新增逾5,000个学生床位。

据莱坊，三星与四星级酒店因价格相对具吸引力、建筑布局合适、改建成本较低，成为首选收购标的。这些特点使投资者能以相对有限的资本开支，将利用不足的酒店资产重新定位为可产生收入的学生宿舍。

该顾问机构指出，国际投资者与本地发展商均已入场。值得关注的项目包括由Crystal Investment与AEW Capital合作支持的Y.X，以及由宏安地产（Wang On Properties）与Angelo Gordon合作开发、目前为香港最大私营学生宿舍资产的Sunny House。传统住宅发展商亦已进入该领域：恒基兆业（Henderson Land）以总承租方式将整栋住宅物业租予香港中文大学；Easyknit则与iRent合作，将住宅楼宇改建为学生宿舍。

莱坊表示，政府支持进一步加速了市场活动。2025年7月推出的“Hostel in the City”计划，通过规划弹性与监管放宽，加快商业楼宇改建。推出以来，已有逾25处商业物业申请改建，中期有望形成逾5,000个额外学生床位的潜在供应。

随着多数合适酒店资产已被吸纳，莱坊表示投资者正越来越多地将目光投向利用不足的办公楼，尤其是带有零售裙楼、在重新配置与配套提升方面更具弹性的物业。

展望未来，莱坊预计香港学生宿舍板块将日益机构化，尽管发展阶段仍早于英国、澳大利亚等更成熟市场。该机构认为，寻求稳定、防御性收益流的机构基金将继续增配已稳定运营的学生住宿资产，而本地发展商则可能将此视为超越传统住宅开发、实现业务多元化的吸引路径。

莱坊总结称，在大专院校与国际学生持续需求的支撑下，香港结构性供应不足将继续巩固学生宿舍作为当地最具吸引力的收益提升与资产重新定位机会之一的地位。