The PBSA Expansion Pipeline in Poland 2025-2028 — Where New Dormitories Are Being Built

The Polish PBSA market is in an expansion phase. According to the Savills report "Rynek PBSA w Polsce 2025":

• Currently 13,195 beds across 33 modern properties
• 4,100 beds under construction across 10 projects (2024 status)
• +9,000 new beds planned by 2028
• In total, private investors plan to add 15,700 beds

In this article we map the active pipeline and identify opportunities for investors entering during the expansion phase.

The scale of the pipeline in context

Think of the numbers as market growth:

Status	PBSA beds	% change vs 2024
End of 2024 (current)	13,195	baseline
End of 2025 (forecast)	~15,500	+17%
End of 2026 (forecast)	~19,000	+44%
End of 2028 (Savills target)	22,000-28,000	+67-+112%

Polish PBSA will more than double over 4 years.

What is driving the pipeline?

1. Investment volume is rising

According to Savills:

• 2024: EUR 30 million (a single transaction, low activity)
• 2025 forecast: up to EUR 200 million in the optimistic scenario = 6.7x growth YoY
• Cumulative capital to the end of 2024: EUR 310 million

This is a sign that international investors see Polish PBSA as an attractive asset class. Volume rising after 2024 = funds' "dry powder" finding its place.

2. Operators are actively planning expansion

The operator audit (2026-05-28) shows active pipelines among the largest players:

• Student Depot (Kajima) — 8 properties currently, expansion plans in Warsaw and Lublin
• Basecamp (Xior) — 7 properties, recently opened Warsaw Wenedów (2024) + Warsaw Wolska
• Zeitraum (Zeitgeist) — 3 properties (Warsaw Solec 22 opened 2025), a pipeline in Kraków
• Collegia — Gdańsk Grunwaldzka pipeline (opening 2026)
• Echo Investment / Signal Capital — StudentSpace 2 properties in Kraków delivered 2025, more in the pipeline

3. Student demographics

Poland has a growing student population (1.28 million in 2024, a forecast of 1.4 million in 2030). The number of international students is rising ~8% YoY (108,600 in 2024). The PBSA shortage is so deep (1% access) that even doubling supply will not satisfy demand.

Active projects under construction (10 projects, 4,100 beds)

According to Savills 2025, currently in the construction phase:

Warsaw

• Basecamp Warsaw Wolska (Xior) — the second Basecamp location in Warsaw, opening 2024-2025
• Zeitraum Solec 22 (Zeitgeist) — 214 beds, opened 2025 (Zeitraum's flagship property in Poland)
• Additional projects in the pipeline — details non-public

Kraków

• StudentSpace Wita Stwosza A and B (Echo + Signal + Griffin) — 2 buildings, opened 2025
• StudentSpace 29 Listopada 98 (Echo + Signal + Griffin) — opened 2025
• Plus additional Zeitgeist projects (Racławicka 58, Koszykarska 33)

Wrocław

• Limited pipeline — Tribera Living (Ołbin, Fabryczna) already operating
• Start Park Wrocław (Al. Paderewskiego 35) — micro-apartments, recently delivered

Gdańsk

• Collegia Gdańsk Grunwaldzka — under construction, planned opening 2026, a mix of dormitory and hotel

Other cities

• An active pipeline in Łódź, Poznań and Katowice — operator details non-public

Pipeline map by city (estimate 2024-2028)

City	Currently	Pipeline 2025-2028	Total 2028 (estimate)
Warsaw	8 properties	+3-4 properties	11-12
Kraków	9 properties	+2-3 properties	11-12
Wrocław	5 properties	+1-2 properties	6-7
Poznań	2 properties	+1-2 properties	3-4
Łódź	3 properties	+1 property	4
Gdańsk	2 active + 1 pipeline	+0-1 additional	3-4
Katowice	1 property	+1-2 properties (first-mover advantage)	2-3
Lublin	2 properties	+0-1 property	2-3
Total	32 properties	+9-15	41-50

The numbers are estimates based on public pipeline data. The full Savills data gives +9,000 beds by 2028 = approximately +18-25 properties (assuming an average of 400-500 beds per property).

How can an investor enter the pipeline?

1. Direct equity in development projects

For whom: the institutional investor / family office (EUR 5-50 million ticket).

Most pipeline projects are delivered by:

• Xior, Kajima, Zeitgeist — operators with their own capital
• Echo Investment, Golub GetHouse — Polish/foreign developers
• Signal Capital, Griffin Capital — investment funds

Entry requires networking with these groups. Often a closed circle for institutional investors.

2. Real-estate crowdfunding

For whom: the individual / mid-sized investor (PLN 10,000-250,000 ticket).

Real-estate crowdfunding platforms operate in Poland:

• Crowdway
• SpaceCrowd
• Renty Square

They occasionally offer stakes in PBSA projects (mezzanine bonds, equity tranches). Return: 8-15% IRR on development projects, but high risk.

3. Investment in listed companies

For whom: any stock-market investor (from a PLN 100 ticket).

Direct exposure to PBSA via:

• Xior Student Housing (Euronext Brussels: XIOR) — a pan-European PBSA group, including the Polish Basecamps
• Echo Investment (GPW: ECH) — a Polish developer, exposure to StudentSpace Kraków
• Kajima Student Housing — the Japanese Kajima Corporation group (Tokyo: 1812.T), exposure through the global portfolio

This is the most accessible route for the individual investor. No individual control over a specific property, but diversification.

4. Condo / sale of individual units

For whom: the individual investor (PLN 250,000-800,000 ticket).

Rare in Poland. Active condo projects:

• Zeus Apartments Lublin — a hybrid model, 378 apartments for purchase (from ~PLN 10,500/m²)
• Occasional Echo Investment / Signal Capital projects (most properties are for institutional sale)

Over the next 2-3 years, more condo projects will probably appear — operators are looking for ways to finance expansion by selling units to individual investors.

Timing of entry — 2025-2026 is the optimal moment

Arguments for entering in 2025-2026:

1. The interest-rate-cutting cycle — the NBP will probably begin cutting rates in 2025-2026 (inflation is coming down towards the 2.5% target). The cost of financing entry is falling.

2. The pipeline peaks in 2025-2027 — many projects are delivered in this window. Afterwards, expansion slows (the most obvious locations are satisfied).

3. Tier 2 cities — Poznań, Wrocław and Gdańsk still have a shortage of PBSA competition. Entering now = first-mover advantage.

4. Yield compression has not yet occurred — Polish PBSA yields are 5.5-7% currently, vs 4-5% in Western Europe. Convergence over the coming 5 years = capital appreciation for early entrants.

5. Political stability — no rent-control proposals, no negative policy towards PBSA.

Pipeline risks

• Competition — greater supply in 2025-2028 = pricing pressure, particularly in Warsaw/Kraków
• Location — the pipeline is concentrated on the outskirts (the cheapest land) — which may be suboptimal for student demand
• Quality drift — some operators may lower the standard to cut CapEx (already visible: SHED Sky Living from ~PLN 3,200 but a low finishing standard vs Noli Studios PLN 3,400 premium)
• Political risk — a new government or EU regulations could affect pipeline properties

Summary

The Polish PBSA market is in the fastest growth phase in its history. +9,000 beds by 2028 = more than a doubling of current supply. Total investment value EUR 200 million forecast 2025 (Savills) = 6.7x growth vs 2024.

The best opportunities for investors in 2025-2026:

1. Institutional investor: direct equity in Xior/Kajima/Zeitgeist projects (closed circle)
2. Mid-sized investor (PLN 500,000-5 million): real-estate crowdfunding (Crowdway, SpaceCrowd) or a partnership in an SPV
3. Individual investor (PLN 100-800,000): Xior on Euronext Brussels (long term) or waiting for new condo projects

Geographic sweet spots: Tier 2 cities (Poznań, Wrocław, Gdańsk) — first-mover advantage, less competition, a better risk-reward ratio than Warsaw/Kraków.

Sources

• Savills Polska — Rynek PBSA w Polsce 2025 (Poland PBSA market report)
• propertynews.pl — industry articles on the PBSA pipeline
• PBSA Poland operator audit 2026-05-28
• Public filings: Xior Student Housing (Euronext), Echo Investment (GPW), Kajima Corporation (TSE)

Full citations in data/sources.md.