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Foreign property buyers 'drawn to Edinburgh'

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Foreign property buyers 'drawn to Edinburgh'

Foreign property buyers are continuing to show lots of interest in Edinburgh, experts have revealed.

According to law firm Russel + Aitken, the Scottish capital has long been an important market to buyers from outside the UK.

Dianne Paterson, a property partner at the company, believes this is still the case today, even in the current economic climate.

As a result, the amount of overseas money transfer activity between Scotland and other countries could be set to hold up, even if the financial environment does not improve significantly any time soon.

Ms Paterson noted that while the region does not offer the same capital growth opportunities as it did a few years ago, it can still present the possibility of strong returns.

She said this is because buyers can now enter the Edinburgh property market without paying "vast premiums" and expect to reap the benefits of capital growth in the medium to long-term.

"Edinburgh has always been considered a blue chip market on account of what it has to offer the investor in the way of yields and capital growth," Ms Paterson commented.

According to the latest figures from Lloyds TSB, the average property in Scotland now costs £155,528. However, buyers from other countries may expect to pay more than this sum in order to acquire a residence in the heart of the capital city.

Lloyds TSB acknowledged that conditions in the housing market have been volatile in the last few years, but have now started to level off.

Donald MacRae, the group's chief economist, observed: "There is no sign of a vigorous recovery in the Scottish housing market, but equally no sign of a further precipitous fall in either house sales or house prices."

Locations such as Edinburgh could therefore remain an appealing option for real estate buyers from other countries for some time to come.

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