With the new football season having kicked-off in earnest, a report in this month’s Scotsman newspaper reported that the average price of a property located close to Scottish Premiership football grounds has increased by 20 per cent over the last ten years, outstripping property price rises across Scotland as a whole.
The figures released by Bank of Scotland showed that homes near Aberdeen’s ground in Pittodrie have seen rises of 37 per cent between 2007 and 2017 whilst prices in the Easter Road area of Edinburgh, near Hibernian’s stadium, have risen by 29 per cent in the past 10 years.
Commenting on this report, Robert Carroll, Founder of MOV8 Real Estate, Estate Agents and Solicitors stated:
“Whether the reason for price rises in the areas around Scottish Premiership football stadiums is down to their new, local residents wanting to be able to hear the cheer of the local team from their living room windows is debatable!
“Football stadiums have traditionally been located in areas where average house prices are lower than other areas of the city. These areas around Gorgie, Easter Road and Govan, for example, were seen by property developers as ripe for redevelopment.
“Particularly after the worst of the credit crunch passed, property developers who had been active in the early 2000s returned to these areas in droves.
“This significant investment in regeneration combined with fancy newly-built homes and flats that aren’t in keeping with existing housing stock, has seen average house prices outperform the rest of the market.”
It’s not all positive news though and there doesn’t seem to be any link between the success of the team on the pitch and the house prices around the stadium. The average value of properties close to the home of current Scottish Premiership champions, Celtic, fell by 17 per cent between 2007 and 2017 whilst the cost of a property near Rangers’ stadium at Ibrox slumped by two per cent in the same period.
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