Edinburgh Property Market and Real Estate Guide

(Edinburgh, Scotland, UK)

Photograph of Edinburgh's Royal MileThe capital city of Scotland, Edinburgh is located along the Firth of Forth in the south-eastern region of the country, where it is home to the Scottish Parliament. The city's long history, its numerous medieval and Georgian buildings and its rugged, spectacular setting make it popular with tourists and incomers alike.

National and international transportation options are excellent, and the public services in the city follow suit. Edinburgh is divided into a number of districts, including the historic medieval Old Town, the 18th-century New Town, the residential South Side, the port of Leith and the Urban Area.

The city is known for its culture and festivals, including the famous Edinburgh Fringe Festival - a celebration of all aspects of theatre and the arts which attracts millions of visitors annually. Dining, shopping and entertainment are all you would expect and more, as are leisure facilities.

The Morningside district, near the university, is the most desirable residential area, with prices matching its description. South Side is popular with families due to its excellent schools. Imposing stone-built tenement buildings make up almost 25 percent of Edinburgh dwellings, with most apartments either sold or rented out after upgrading and modernising. These are popular across the range of property buyers. Edinburgh property prices across the board are still regarded as reasonable.

Renting Serviced Apartments

Due to Edinburgh's economic focus on financial services and tourism, serviced apartments are easily available, offering a cost-effective alternative to hotels. Most are contemporary and stylish, and range from budget studios to upscale luxury suites with every need supplied. Many, newly fitted out with all modern conveniences, are found in attractive older tenement buildings in the city centre.

Buying Apartments and Houses

Although Edinburgh property prices were affected by the global slowdown, recent analysis suggests a sharp rise of over ten percent in the first quarter of 2010. However, the mean average is still well down, making it a good time to invest in this popular city.

There are no restrictions on foreign purchase of property in Scotland, although permanent residency for non-EU citizens could prove problematic. Property purchase here is simple, although somewhat different than in the rest of the UK. The buyer's solicitor handles everything from the initial 'note of interest' to the seller, the following written offer, (legally binding on acceptance), the transfer of the title and the final disposition confirming the transfer. Final charges run at approximately five percent of the purchase price and stamp duty of one percent must be paid. In Scotland there is no set charge for a solicitor's property purchase services and the most expensive is not always the best.

Real Estate Agents

Estate agencies in Scotland usually include an in-house solicitor, although this service is not compulsory. A large number of estate agents operate in Edinburgh, usually specialising in their immediate area.

Check out the following real estate agents:

Address: 85 George Street, Edinburgh, EH2 3ES, Scotland
Tel: +44 (0)31 624 8000
Email: via website
Website: www.espc.com
One of the largest agency groups in Scotland, ESPC have been serving the property sector for over 40 years and have a comprehensive web site

Rettie and Co
Address: 1, India Street, Edinburgh, EH3 6HA, Scotland
Tel: +44 (0)31 220 4160
Email: mail@rettie.co.uk
Website: www.rettie.co.uk
This agency deals with all price levels in the city, as well as with upscale properties in the countryside

Address: 22 St. Patrick Square, Edinburgh, EH8 9EY, Scotland
Tel: +44 (0)31 662 4747
Email: mail@warnersllp.com
Website: www.warnersllp.com
A long-established company, Warners are an estate agency and well-known law firm.