WITH SCOTTISH universities now attracting well over 2,000 applications from Irish teenagers annually, property agents in Edinburgh are seeing an upsurge in enquiries from Irish parents.
Those planning to buy flats for children moving to Edinburgh universities this autumn can expect even better than usual returns on their investment, says Dubliner Lara Macmillan who runs a property sourcing company.
The Scottish capital has bucked the trend in many other parts of the UK, where prices have been on a downward spiral, says Macmillan who set up Ambience Homes three years ago to cater for Irish investors.
"We have dealt with an increasing number of Irish people looking to buy over here. Many are parents whose children are studying over here. They don't want to waste money subsidising rent and would rather make their money work for them."
Edinburgh is seeing a steady growth, albeit slower than in recent years, of between one and three per cent, she says.
Meanwhile, demand for rental properties is soaring and is up by as much as 40 per cent in some parts of Edinburgh which has created a higher rental rate, she says.
Figures released this week by the Edinburgh Solicitors Property Centre (ESPC) reveal that annual house price inflation in July stood at 7.4 per cent taking the average selling price in the Scottish capital to £245,415 (€308,851).
The average price of a one-bedroom flat in Edinburgh is £141,597 (€178,197) while the average price of a two-bedroom flat is £188,932. (€237,721). A decent apartment close to the city centre, costing around £130,000 (€163,548), will command a rent of about £475 (€598) a month.
