Australia should prepare for increased demand for purpose-built student accommodation during the next few years, says one of the biggest players in the sector.

French multinational insurance company AXA’s head of real assets for Asia-Pacific Laurent Jacquemin predicts the demand for foreign student occupancies could rise by up to 10 per cent by 2024 and continue at that pace for years to come.

“We expect the first half of 2023 to come back to the level of 2019,” Jacquemin said.