Students scramble for accommodation after provider goes bust in Dundee
Summary
Nearly 70 students in Dundee had to find new homes quickly after the company owning Marketgait Apartments, a student housing block, went bankrupt. The company could not repay a £5.7 million loan and closed the building due to financial problems and required fire safety work.Key Facts
- Marketgait Apartments in Dundee housed 68 students before closing in mid-July.
- The owner company, backed by real estate manager 90 North and Kuwaiti investor Rasameel, failed to repay a £5.7 million loan.
- The building remains closed while the new owner fixes fire safety issues.
- The housing collapse adds to a wider crisis in the UK student housing sector caused by fewer international students and rising costs.
- Domestic student numbers are high but many choose to live at home due to expensive rents.
- Marketgait Apartments was promoted as recently as late June, shortly before going into administration.
- Students who had leases for the academic year were told they had to move out within a month, causing stress and disruption.
- Housing activists note that many international students had difficulty handling the move from abroad.
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