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The Real Reason Behind Hpi In Edinburgh!

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This is a quality article from today's Edinburgh Evening News - aparently 20 football players signed from around Europe to play for Hearts are managing - by themselves - to cause proprty prices in the Scottish Capital to soar..... :o

Plush home draw for Hearts aces fuels property price rise

MICHAEL BLACKLEY

THE highly-paid footballers lured to Hearts by Vladimir Romanov's millions are fuelling a surge in demand for top-of-the-range luxury apartments in the Capital.

The wave of big-name players who recently arrived at Tynecastle are said by property agents to be a new breed as far as Edinburgh is concerned - with both the money and taste for high-class living.

Many of the club's new signings have moved to Edinburgh from the Continent and are looking for accommodation on a par with what they were used to abroad. They are prepared to pay premium rents for £500,000 flats kitted out with the latest technology.

The Edinburgh Quay development at Fountainbridge and The Park next to the Scottish Parliament are among the most sought-after locations.

Striker Roman Bednar from the Czech Republic and Lithuanian Edgaras Jankauskas are among those believed to be renting city centre properties.

Scotland international Neil McCann is believed to have spent £1.4 million on a new house in an exclusive new development. One of his team-mates from abroad is said to be shopping for a home with a budget of £2.5m.

But most of the new signings - many of whom are earning £10,000 to £15,000 a week - are on high-wage short-term contracts and therefore looking for luxury rented property.

In the last 12 months Hearts have splashed out on more than 20 high-profile signings, including players from Portugal, Lithuania, Greece and France.

With the club now competing with the Old Firm in wages and on the pitch, the spending power of their players has also grown.

One letting agent said the influx of players to Hearts has been so significant that they now see the football close season as a significant opportunity for business.

Steven Currie, head of property management at city letting agent DJ Alexander, said the influx of players had kick-started the top end of the letting market.

"The expectations of the players that have joined Hearts this year are far exceeding expectations of the players in the past.

"A lot of these players are used to living in places like Portugal in modern apartments with all the best quality technology, appliances and TVs. When they've come to Edinburgh they have struggled to find that.

"When they came into the office we got excited about showing them expensive Georgian and Victorian houses, but they were saying they were looking for something with a bit more pizzazz."

Mr Currie said the standard "footballer's property" would be somewhere with a "wow factor". The property would have to be bright, spacious and modern, and certainly with its own private parking space.

The average rents for such apartments are usually around £900 per month for two bedrooms or £1500 for three-bedrooms.

Blair Stewart, head of Edinburgh residential properties at Strutt & Parker, said there were also a growing number of footballers with big budgets for buying property.

He said: "There's definitely been a difference since last year. They are now looking at the upper end of the housing market."

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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