A Scottish city reinventing itself into a capital of innovation
Discover Dundee's Real Estate
Few cities have reinvented themselves as successfully as Dundee has. Formerly one of the world’s largest manufacturers of jute fiber during the Industrial Revolution, Dundee faced rapid decline in the 20th century when its factories began to close. Now, thanks to a £1 billion effort to rehabilitate its waterfront and a young and creative population, Dundee is back in a big way as one of the UK’s leaders in design, art, and technology.
Culture, History, and Business
Dundee first rose to prominence in the late 12th century when it was promoted by the Earl David as a trading center. Dundee suffered greatly in the wars between England and Scotland and was completely burnt to the ground in 1548 and was destroyed again in 1651 during The Wars of the Three Kingdoms. While wool had dominated the local economy during the Medieval period, during the Industrial Revolution Dundee became one of the world’s largest manufacturers of jute fabric. It also became famous for marmalade and publishing, which led to the saying that Dundee was founded on its three J’s: Jute, Jam, and Journalism.
In the 20th century, jute production largely shifted to Asia, which left the economy of Dundee in decline. In recent decades, however, it has rebounded thanks to significant investments in neighborhood revitalization projects as well as an emphasis on advanced technologies. Today, biomedical, biotechnology, information technology, retail, and science are all important components of the Dundee economy. The presence of two large universities also contributes greatly to the prosperity of the city and ensures there is a ready supply of highly skilled workers for high-paying 21st century jobs.
Real Estate Appeal
Dundee is definitely a city on the rise. It was named by the Wall Street Journal as the 5th hottest destination in the world to visit in 2018 and in 2015 GQ proclaimed it the “Coolest Little City in Britain.” The impressive waterfront redevelopment is drawing huge crowds of tourists, which means the city holds great potential for short-term rental properties.
Furthermore, Dundee has one of the largest student populations in all of Europe, which ensures there is always high demand for rentals. Due to the strong local economy and wage growth, there is also potential for flipping properties in Dundee to sell to homebuyers with stable financial means. In recent years, both rental prices and property prices have risen in Dundee, often by amounts not seen anywhere else in the UK outside of London.
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