Real estate opportunities in the Eye for Britain
Discover Edinburgh's Real Estate
Edinburgh is well known as the capital city of Scotland, located in the southeastern part of the country, it lies on the southern shore of Firth of Forth and home to around 531,000 people. A city of excellence and popular choice among real estate enthusiasts thanks to its indelible rustic medieval appearance. A town embedded in the deep-rooted history of politics, urban development, and distinctive architecture. We will take a look at the eccentric past of Edinburgh, impressive present, and hopeful future in the real estate scene; this is the story of Edinburgh.
Culture, History, and Business
Classified by UNESCO as one of the fascinating cities in the world, Edinburgh is one of the UK’s most remarkable cultural societies. Yearly, over 7500 tourists visit Edinburgh for its numerous festivals and fringes as it has the largest performing-arts festivals in the world. From the cobbled and narrow streets of the medieval old town (the area where you will find The Royal Mile, Grass market and Edinburgh Castle) to the grandeur of the Georgian New Town, the architecture of Edinburgh illustrates how the passage of time and culture has affected the appearance of the city.
Historically, the city wasn’t Scotland’s capital until around 1124 when king David 1 moved the capital from Dunfermline to Edinburgh, this didn’t go well with a lot of authorities, and there were recurring conflicts between Scotland and England. Edinburgh is packed with history, especially the Royal Mile in the Old Town, which stretches from Edinburgh Castle to the Palace of Holyroodhouse. By the 18th century, New Town was created to keep in check the over-populated situation of the city. Today, Edinburgh’s architecture reflects the fascinating history of the town and continuously endears real estate investors.
Business-wise, Edinburgh is the powerhouse of the Scottish economy. Known across Europe as one of the most prosperous cities In the UK, it has the second-highest gross value added (GVA) per resident (behind London) in major UK cities, with the average being £34,178 per resident. The economy of Edinburgh is primarily based around the service sector, with tourism, financial services, and banking being particularly important as well as education and high tech research.
Real Estate Appeal
From the real estate perspective, Edinburgh’s stunning architectural heritage spans Gothic, Georgian, and Neoclassical styles, and the city’s distinct character is a primary reason why investors love the city. The cost of living in the town is considerably lower when compared to similar power cities such as New York. A single person’s monthly expenses are around $798.60 (£652.44) without rent. The cost of living index in Edinburgh is 36.74% lower than in New York. Edinburgh is quite an expensive city to live in by UK standards but not as expensive as London. Comparing it with major cities worldwide, it is quite a reasonably priced city. Most families in Edinburgh prefer to live in Morningside, Stockbridge, Corstorphine, Cramond, and Colinton. Generally, the city is a safe place to live and invest, which is why Edinburgh has long occupied the top spot on the country’s most sought after city polls.
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