Overseas property buyers 'keen on Edinburgh'
Edinburgh is attracting lots of attention from real estate investors in other countries, an expert has noted.
According to Dianne Paterson, residential property partner at Russel + Aitken, foreign interest in the Scottish capital has been continuing to grow in the last few months.
Indeed, she said many investors outside the UK believe there has "never been a better time" to enter this particular market.
Ms Paterson stated that Edinburgh is proving to be popular because it is "still considered a blue chip market". As a result, it is regarded as a "solid" investment option by foreign nationals that could generate healthy returns.
"Edinburgh has tended always to enjoy a better market than that of other areas on account of its continual success in the investment and overseas markets, as well as that of home," she commented.
Ms Paterson noted that the number of residential properties selling in Edinburgh has gone up by a "notable" amount during 2012.
However, she stressed that the market was starting "from a low base" at the beginning of the year.
This, she stated, is apparent in the fact the amount of sales activity in the city this year is about 40 per cent lower than it would have been before the financial crisis
Ms Paterson was speaking after figures from LSL Property Services showed property values in Edinburgh in May 2012 were 3.9 per cent higher than they had been a year earlier.
This bucked the trend in the wider Scottish market, as house prices across the country went down by 0.1 per cent year-on-year.
Glasgow and Aberdeen were among the places to see a drop in prices during the 12 months to May 2012.
LSL Property Services said this shows "prices on a local level are volatile", which means property buyers should check regional variations before investing in Scottish real estate.