According to property agent CBRE, institutions and overseas buyers are being attracted to the sector by its stable income as the rest of the property market is riddled with economic uncertainty.
Research shows an estimated ?836m was committed to deals and development in 2011, up from ?770m in 2010 and ?350m in 2009.
The increase is despite student applications for the next academic year falling in light of the Coalition increasing tuition fees.
Jennet Siebrits, head of residential research at CBRE, said: "Student accommodation is more attractive than many other asset classes in the current climate and we have seen increasing interest from relatively new parties seeking to diversify their portfolios."
The CBRE research says 99pc of student accommodation is occupied in the UK. Rents increased over the year by 4pc outside London and by 5pc in the UK capital.
Deals in the last 12 months included Legal & General paying ?116m for the Griffon Studios development for Imperial College.
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