Edinburgh's Quartermile: A Hub of International Property Ownership
Edinburgh's Quartermile district is situated between the historic Old Town and The Meadows, one of the city's most frequented parks.
A collection of modern glass and steel towers surrounds 19th Century sandstone buildings that remain from the site's former use as a hospital.
Despite the presence of these sleek new buildings housing offices and luxury apartments, the area has a global feel that could be mistaken for many international cities.
Examining the ownership of properties within this development reveals a notable trend.
Recent data indicates that more than one-third of the properties in Quartermile were purchased by individuals based overseas.
Registers of Scotland (RoS) records show that 263 of the 751 property titles at the site were registered to overseas addresses at the time of purchase, including 95 buyers from Hong Kong alone.
These properties are part of over 5,000 offices, hotels, homes, and shops across Edinburgh where ownership was recorded as being outside the UK at purchase.
While the majority of property and land in Scotland is owned by residents and companies within the country, RoS data reveals 28,825 titles—representing 1.4% of the total land register—are held by owners with addresses outside the UK at the time of acquisition.
Edinburgh accounts for 18.7% of these overseas registrations.
The Quartermile development occupies the site of the former Royal Infirmary of Edinburgh and derives its name from its quarter-mile length from corner to corner.
The project was controversial due to the height and design of its glass tower blocks and because it was only possible after relocating the hospital to a new site on Edinburgh’s outskirts, which has limited transport connections.
The development has been commercially successful, with office spaces leased to companies such as travel website Skyscanner and numerous leading legal firms.
Its residential flats have also attracted significant interest.
Data provided to BBC Scotland for the EH3 9G postcode, which covers Quartermile, shows that 369 titles were registered to Scottish-based individuals or firms at purchase, 119 to addresses elsewhere in the UK, and 263 to overseas addresses.
A detailed breakdown of overseas ownership reveals buyers from 44 different countries and crown dependencies, including Russia and the Cayman Islands.
Specifically, 95 titles were registered to owners in Hong Kong, 51 to Singapore, and 12 to Malaysia.
It is believed many flats were sold to international students and their families, as well as global property investors.
Over the past decade, average monthly rents in Edinburgh have increased by 59%, reaching £1,509, according to residential lettings website Citylets.
Flats in Quartermile generally command higher prices for rent and purchase compared to similarly sized properties elsewhere.
One senior manager at an Edinburgh residential property firm, who wished to remain anonymous, attributed this to the location.
"It is in an unrivalled central location for the university and city centre, so there is a premium for that," they said.
"You have then seen those prices sustained or normalised as such and that does eventually feed into the city's wider market.
"It is no surprise Quartermile is popular with overseas buyers, it looks and is priced like developments these people will have seen in other cities like London.
"It also cannot be detached from a wider shift in the city towards high end markets, where you have so many more expensive hotels and restaurants and the like."
Malcolm Fraser, an Edinburgh-based architect and board member of the Common Weal, a social and economic equality think tank, expressed a different perspective.
"It's no surprise that Quartermile has become a hot-spot for speculation," he said.
"Scotland's economy is one of the most foreign-owned in Europe, with the result that huge amounts of profit flow out of our energy, agricultural and other sectors.
"And, in this lovely corner of the capital, the rising values that flow from the success of the Quartermile are spirited out the country."
Which Other Parts of Edinburgh Are Overseas-Owned?
As of 31 December last year, there were 5,385 titles in Edinburgh where the owner's address at registration was outside the UK.
Among these are notable buildings such as the listed India Buildings on Victoria Street, leased to Virgin Hotels, and 12 properties on Princes Street.
Additionally, 11 offices in Charlotte Square—home to Bute House, the official residence of the First Minister—are registered to a property firm based in the British Virgin Islands.
Argyle House, a large brutalist 1960s office block near the Grassmarket, is registered to a firm based in Luxembourg.
The building recently submitted controversial proposals that could lead to its demolition and replacement with a hotel, flats, offices, and shops.
The actual number of overseas-owned properties is likely higher, as only 56.1% of Edinburgh's titles are on the electronic land register used to track overseas ownership; many properties remain recorded on the Sasine Register, which has yet to be fully digitized.
The Professional Househunter's View on Overseas Buyers
Leah Bryce, an independent property sourcing consultant based in Edinburgh, often assists time-poor and financially capable overseas buyers seeking to relocate to the city.
She noted an increasing number of international clients attracted to Scotland and its capital.
"I work with people where it is not about second homes or buying something as part of an investment portfolio, it's very much about making Scotland their home," Leah explained.
"In Edinburgh, the Georgian, Edwardian and Victorian architecture is very much a common theme which my clients like and look for.
"They're not interested in new builds, they're very much looking for a connection to the culture and history of our city, and are also keen to maintain and upkeep these properties."
Leah sometimes purchases homes on behalf of clients without them ever having viewed the property in person.
She reported increased interest from buyers in the United States, which ranks highest among countries of origin for overseas buyers in Scotland.
"I think for each of them it's slightly different but essentially the political stance over there [in the United States] is probably a common theme as to why they want to relocate over to Scotland.
"But, generally, I think Americans in particular have a very strong connection with Scotland in general - and obviously Edinburgh is the capital."
Additional Context: Edinburgh Futures Institute
The Edinburgh Futures Institute, operated by the University of Edinburgh, is part of the Quartermile district, contributing to the area's dynamic and international character.
Architect Malcolm Fraser at Quartermile
Malcolm Fraser, who has voiced concerns about the impact of overseas ownership on the local economy, is pictured at the Quartermile development.
