Why invest in buy-to-let in Edinburgh
Edinburgh is not only beautiful – its history, architecture, culture, financial and commercial standing, restaurant scene, buzzing nightlife and world-famous festivals, not to mention a glorious elevated castle in the centre of town, all conspire to make this a very popular city for residents, professionals, tourists and students alike. And it’s not standing still.
Edinburgh is vibrant and prosperous. This capital city is a global financial centre, it continues to attract burgeoning new industries and is a thriving student hub. The population of 507,000 is growing fast and, according to the City Council, could overtake Glasgow to become the biggest city in Scotland by 2032. Its tourists swell the numbers by over 2million visits a year and students add 100,000 to that. Property is needed for residents, tourists and a large student base. The increasing demand for accommodation will have a huge impact on property prices and rents, which will continue to rise as the city prospers.
The rental market is expanding as more people are choosing to rent instead of buying property, the student population will continue to flourish, unaffected by economic or political events, and tourists will carry on flocking to Edinburgh, bringing four times the city’s population and making it the UK’s second most popular tourist destination after London.
Property values in Edinburgh have risen steadily year on year. Buy-to-let rental yields have been consistently high, with an average of 7% per annum over the last 20 years, but there is potential for even higher yields as the market expands and supply is constricted.
Grant Property only deals with traditional properties – flats mainly – in central and easily accessible locations, making them popular with students and other professional tenants as transport links and proximity to amenities are desirable factors when letting. Edinburgh has some very attractive traditional properties in the city centre’s ‘old town’ and ‘new town’, but there are also many other very desirable areas around the city which feature properties from under £100,000 to £millions.
The investment potential is huge and a pretty safe bet as the city makes its own contribution to a major programme of regeneration and investment in technology and innovation, with the aim to become the ‘data capital of Europe’. Improved transport links, including airport expansion, extension to its tram routes and improvements to the cycle paths, all help to maintain the city’s desirable status – in December named as ‘the best city in the world to live in’. A fitting accolade for a city in which to invest your money.