Student rents worth £40m to Edinburgh economy

Published: 22 March 2018

Edinburgh’s economy benefited from a £40 million boost in 2017 thanks to the surge in purpose-built student accommodation, new research has revealed.

The figures, released by advisory-led commercial property agency GVA, show that the student property market brought in £100m across Scotland last year – with Edinburgh pocketing the second-highest investment.

The Student Housing Review produced for GVA showed that average student rents in the city dipped by 
1.3 per cent on 2016, at £147 per week. There is currently accommodation totalling 506 beds under construction in the capital.

Glasgow was hot on Edinburgh’s heels with the second biggest increase in purpose-built beds with a 16 per cent rise and £10.75m pumped into its economy. Aberdeen had the highest rate of the buying and selling of the purpose-built beds to the total value of £51m.

The total value across the UK was £4 billion. Applications for the bespoke accommodation rose for the fifth year in a row due to the increase in numbers of students choosing to study at Scottish universities.

There were 36,850 non-EU applications, a four per cent growth attributed to the relative weakness of the pound in attracting foreign students to Scotland’s soil. Universities own the lion’s share of the accomodation with 51.6 per cent of the total, but the private sector is fast closing the gap as it adds more beds...

Full story via The Scotsman News

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