Thursday, 13 October 2016
Student Accommodation in London is the Most Expensive in the World
The variation in the cost of living and studying for domestic and international students around the world has been highlighted in Savills latest World Student Housing report.
While Boston and New York are the most expensive cities for both domestic and foreign students, when you break the costs down and look at the cost of staying in purpose-built accommodation, London is the most expensive place to study.
In many countries tuition fees for local students are lower than for international students. Students looking to avoid a hike in tuition fees should head for Shanghai, Berlin, Beijing and Munich where they will find they are not paying more than the locals, or Tokyo, Seoul or Bristol where the fees are only slightly higher.
The research assessed the costs of living, purpose-built accommodation and tuition for students studying at top ranking institutions in major student cities around the globe.
Overall, mainland European and Asian cities tend to be the most affordable destinations for both types of students, while US, Western European and Australian cities are the most expensive. Students in a high ranking US institutions can expect to pay between $3,000 and $4,000 per month in tuition fees and $1,000 to $1,600 for private, purpose built accommodation and additional monthly living costs. London, Sydney and Melbourne then follow, given high fees for international students ($2,000 to $2,400 per month) and comparatively high accommodation costs.
By contrast, mainland European cities are notable for their affordability. Living and studying in Berlin, Lyon and Munich is comparable to studying in Beijing and Shanghai – but with even lower tuition fees. Both domestic and international students pay a nominal monthly fee for tuition, the cost of living is low, and private purpose built student accommodation tends to cost less than $500 per month.
Marcus Roberts, director of Student Investment and Development at Savills, commented “Many students still choose to study in the US, UK and Australia despite the expense due to the fact that courses are taught in English and that these locations are home to many institutions that appear at top of the rankings tables.
“The old order, however, is changing. With greater commercial focus, more courses taught in English and alignment to the bachelor system, European universities are on the rise. France, for example, has seen the number of institutions in the QS Top 700 increase from 19 to 26 since 2012, Germany has the third most ranked institutions globally with Spain the tenth. China, meanwhile, has overtaken Japan to take fifth position.”