Edinburgh Becomes One Of The Most Expensive Cities In The World

Edinburgh Becomes Part Of The Most Expensive Cities In The World

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Edinburg most recently rose 8 places in the global rankings of the most expensive cities in the world.

The most recent ECA International report shows the average cost of a 3 bedroom in Edinburgh has risen to £1635 a month from £106.

Today, Edinburgh holds the 156th position as one of the most expensive locations for accommodations and 43rd in Europe.

ECA’s accommodation services manager, Alec Smith said that besides the fast-growing population because of the high standards of living attracting thousands of ex-pats, the increased number of Airbnb marked has also affected the cost of rent in Edinburgh as the availability of long term rental accommodation doesn’t meet the current demand.

In Aberdeen the slowing oil & gas market has resulted in the rental costs dropping even further, resulting in the city’s lowest rank since the year 2012.

It’s now £1160, way less than the £1688 peak back in 2017.

According to this report, London is the most expensive city in Europe, with a £121 increase per month.

With the latest trends, Edinburg could become one of the most expensive tourists destinations, after the £2 per night visitor tax according to the evidence tabled by the UK Hospitality.

The hospitality sector is still opposed to the new tourist tax and the introduction of the TVL (Transient Visitor Levy) will make the Scottish city less attractive to make the tourism sector the highest taxed in the world.

It’s likely that the introduction of the TVL will result in a reduction in accommodative turnover of about £128 million per year and a negative impact of about £191 per year.

Research shows that most of the poor people in Edinburgh are working, but the high cost of living is hitting the families hard.

Although the city council recently committed to constructing 20,000 affordable houses, critics worry that the new housing project won’t be affordable, with £50 million being needed to fund the new project.

Furthermore, the average price of a house in Edinburgh is about 6 times the gross yearly earnings in the city, which makes it one of the most expensive cities in Scotland to purchase a home.

References

Riaz, S. (2020, December 14). London is sixth most expensive city to live in the world. Yahoo | Mail, Weather, Search, Politics, News, Finance, Sports & Videos. https://www.yahoo.com/now/london-sixth-most-expensive-city-to-live-in-the-world-091230359.html

Cameron, G. (2020, December 19). Edinburgh gains ground in list of priciest Scottish streets. The Times & The Sunday Times. https://www.thetimes.co.uk/article/edinburgh-gains-ground-in-list-of-priciest-scottish-streets-ssslwxdjz

(n.d.). Business Insider India: Latest News on Tech, Careers & Jobs, Finance, Money, Politics, Life & Strategy. https://www.businessinsider.in/The-21-most-expensive-cities-around-the-world-to-rent-a-2-bedroom-apartment/6-Edinburgh-United-Kingdom-2361/slideshow/58695995.cms

 

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