Scotland’s capital has had a strong history of growing exponentially in the last few years, however, the rise in house prices has left many people dumbfounded. Officials have recorded a staggering 8% increase in property prices since 2017, with many of the city’s localities showing a 10% increase. Therefore, it has quickly been categorized as a hot market and many investors have decided to claim the opportunity to make the most out of it.
According to recent stats, a typical property in Edinburgh will sell within 15 days. This means, as soon as the property ad is set up, it will take the next few days for the property to get quickly sold. Here we have compiled a few top reasons why it is wise enough to invest in the real estate of this city:
✔ Right City
No wonder, this city has come a long way in the last three decades and has emerged as one of the most successful places in the UK. According to recent stats, the population of this country grew by 50,000 in the last 10 years, which is enough reason to show that it is an evolving city. Experts predict that the total population of the city will grow by 100,000 in the next 2 decades, which will encourage several firms to come up with construction projects and other work. After all, when the population of a city increases, it compels horizontal and vertical growth simultaneously.
For your information, Edinburgh is the second-largest city in Scotland in terms of the economy and thrives in terms of technology too. Secondly, because the city is immensely beautiful and rich in culture, it is flocked with thousands of visitors every year.
Right now, around 68% of the total properties in the city are flats, still, they have been occupied fully. While some areas have a very high density in terms of occupancy, many are yet to be explored by the locals and investors. Therefore, one will have to dive full throttle during research to unleash the most lucrative properties for investment.
As explained above, since Edinburgh is known for its picturesque image, the city is chanted for having the highest number of green areas. Almost 49% of the green area in the UK is attributed to Edinburgh.
✔ The People
In the last few years, Edinburgh has shown impressive low unemployment rates in the entire country. The employment rate in the city is close to 77%, which has seldom been heard of in any other state. Even this is acknowledged as a conservative figure since many young people are working part-time due to their academic responsibilities and stuff. More than half of the inhabitants fall between 16 to 49, this is way too higher for the national average.
However, some areas are densely populated with those between 16 to 49, much higher than the other areas. Furthermore, since Edinburgh is known as a proper center of excellence with over 43000 undergraduates, this city is the most promising space for investors.
Long story cut short, Edinburgh’s economy has witnessed a massive boom with a staggering 21.2% growth. Even the large businesses in the city require a massive workforce, which is a positive sign for the booming economy. After all, when most people will have jobs, the economy will be bound to rise. As the tourism sector in the city continues to flourish as well, the economy of Edinburgh will boom.
If you’re planning to invest in real estate and have considered taking a loan, ensure to know what’s a CCJ, as it might get you in trouble in the future, in case you fail to make the loan payments on time.
There’s no denying the fact, real estate itself is a defining part of Edinburgh’s economy. Because it welcomes high levels of foreign direct investment, the city has witnessed massive improvement in the real estate sector lately. Simply put, the real estate sector caters to around 12% of the total economy of the city, adding £2 billion per year. Because a large part of the city’s population lives in private rentals, the real estate sector should be prioritized.