The impact of international travel on education
The global international student market has been heavily impacted by the closure of international boarders, but what does this mean for future enrollments?
The well-known human rights activist – Malcolm X once said that “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” The importance of international education to the Australian economy is well-articulated, ranking as the fourth largest export in 2019.
The closure of international borders has impacted the global international student market. The Department of Education, Skills and Employment revealed that while student enrollments were down only 7.3 per cent in Australia, commencements fell by 21.9 per cent in 2020.
Real estate investors continue to explore long-term strategic opportunities in the Purpose Built Student Accommodation (PBSA) sector. Greystar recently announced they will acquire five student accommodation assets in the UK for GBP 291 million. Greystar will implement a new asset management strategy and operate them under a newly created European brand.
We believe that the quality of our educational institutions will ensure that Australia remains one of the most relevant international student destinations. Malcolm X espoused the importance of preparing for the future today. However, the global pandemic has led to a number of students deferring enrollment and we expect to see a level of pent-up demand when international borders re-open.