EDINBURGH has been revealed as the top UK target for Middle East property investors, according to industry experts.
Research by IP Global, an international property investment company, states inquiries from Middle East venture capitalists in properties in the Scottish capital have surged from 8% in 2023 to 33% this year.
Inquiries into Edinburgh have overtaken the “Northern Powerhouse”, as the Scottish city has dethroned Sheffield and Manchester which drew the most interest from overseas investors last year.
However, Sheffield, York, and Manchester are still proving highly appealing to UAE and Saudi buyers as more than half of enquires to IP Global are about the three areas.
READ MORE: Homeless people forced out of Edinburgh hotels for Taylor Swift fans
According to Zoopla, a UK residential property website, Edinburgh ranks as one of the top three UK markets for property price growth in 2024.
The city is also renowned for its cultural and historical significance and draws millions of visitors every year.
However, the Scottish Government called a national housing crisis in May as house prices soared across the country, as well as the UK.
William Page, head of global sales of property investment company IP Global based in the Middle East, said: “Despite a challenging and uncertain economic environment, and the prospect of a new Government, the UK property market remains an attractive market for investors from the Middle East due to the persisting undersupply of housing, which continues to drive up property and rental prices.
“Historically, London has been seen as a safe haven for overseas investors.
“However, many are now seeking attractive investment returns elsewhere. Last year, the Northern Powerhouse drew buyers away from the capital, with Manchester and Sheffield becoming highly attractive property markets offering very healthy rental yields and capital growth.
“This year, Edinburgh has leapfrogged the Northern Powerhouse region as a prime destination for property investors, driven by its growing economy, strong job market, and rising property values.
“A 2023 back-firing rental cap, which was quickly scrapped due to unintended high rental price growth, solidified Edinburgh's position as one of the UK's strongest rental markets.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel