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With Scotland's capital city enjoying a growing population, Edinburgh's planners are under pressure to ensure that their housing needs are met.
One of the most popular areas with our many Irish investors is Forthside. The £1 billion transformation of acres of the former docklands is widely considered to be the most significant urban regeneration project in Europe for many years and features a dynamic mix of residential, commercial, leisure and retail space along the waterfront of the "Athens of the North".
Forth Ports is driving the massive regeneration process. The company began breathing new life into the former industrial heartland in the 1980s, leading in the 1990s to the opening of the Malmaison Hotel, the establishment of the Scottish Executive's administrative headquarters and the opening of the £100 million Ocean Terminal Shopping Centre, designed by Sir Terrance Conran.
Now the next phase of the Forthside development is beginning. Sites that will be part of this modern metropolis have been snapped up by a variety of national and local housing developers who are involved in the construction of thousands of homes. Some are within walking distance of Edinburgh city centre while others are poised on the edge of the Firth of Forth, the busy waterway that connects Edinburgh to the European mainland.
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RKTL, the urban regeneration specialist which was responsible for the masterplanning of Baltimore Inner Harbour, has been appointed as masterplanners by Forth Ports. Following RKTL's Baltimore revamp, the area now attracts around 14 million visitors a year, from almost zero before the regeneration.
A brand new one-bedroom apartment is likely to cost from around £180,000 while a two-bed would probably be priced from £220,000. These would be luxury apartments in prime locations and would be expected to show good medium to long-term capital growth.
However, as every shrewd investor knows, crucial elements are both capital growth and rental yields.
Second-hand apartments around The Shore - the ancient trading heart of the area - that are a few years old can often offer far better value than new-builds. These generally fall into price brackets well below that of the new-build sector and can often give a better rental return.
Expect to pay from £130,000 from a one-bedroom apartment which could fetch a monthly rent of around £500 and from £150,000 for a two-bed which could fetch approx. £625. Some three-beds, priced from around £190,000, are in demand for corporate lets and could achieve £825 a month.
Another option is warehouse conversions as many of these old buildings around The Shore area have been retained and changed to residential use - often combining stunning original features with the luxuries of modern living. |
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The Victorians scattered apartment blocks across the length and breadth of Edinburgh, and these tenement flats are considered fashionable and desirable homes. Many of have original features such as cornicing and impressive fireplaces, making them very popular living quarters for both first-time buyers to well-heeled young professionals, whether they are owners or tenants.
The housing stock in Edinburgh is such that there is a steady supply of these Victorian properties. Prices start at as little as around £130,000 for a one-bedroom flat which could achieve a rent of £495, or £145,000 for a two-bed which could fetch £595 per month.
Many parents of Irish students are opting to buy these properties as an investment rather than pour money down the drain in rent.
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