In recent years, a fascinating trend emerged in the international real estate market.
Wealthy Americans are increasingly investing in Scotland’s most luxurious properties, drawn by the allure of historic homes and world-class golf courses.
According to Savills, a leading British real estate firm, US buyers now account for 4% of total transactions in Scotland, a significant increase from the mere 1% recorded in 2019.
This surge in American interest is particularly noticeable in the luxury property sector. Historic townhouses in Edinburgh and grand castles steeped in centuries of history have become highly sought-after commodities.
The appeal of these properties extends beyond their architectural beauty and historical significance. Many American buyers are also attracted by the opportunity to live near some of the world’s most renowned golf courses, including St Andrews and Gleneagles.
Edinburgh, Scotland 🏴 pic.twitter.com/gDf0REUg4v
— Beautiful Places (@EarthsBeauty22) September 16, 2023
The weakening of the pound in recent years has made these investments even more attractive. As the pound fell to its lowest level on record last year, it reached near parity with the US dollar, making Scottish properties an even more enticing prospect for American investors.
Ricardo Volpi, a representative from realtor Knight Frank, has noted a steady influx of American buyers seeking historic homes in Edinburgh.
He revealed many of these buyers are purchasing large apartments and townhouses, typically priced north of £2 million ($2.5 million).
Volpi further explained around 40% of prime purchases in the city – sales exceeding $1.25 million – are buyers from outside Scotland, including Americans and individuals from Europe and other parts of the UK.
Interestingly, half of these buyers already own property abroad, while others are looking to establish a permanent residence in Scotland.
Many have personal connections to Scotland, either through family ties, work opportunities, or a desire to send their children to reputable schools in the country.
When it rains in Edinburgh, Scotland, everything takes on a special beauty. ☔ pic.twitter.com/RtK4yeBYFk
— Art Fans Zone (@artfanszone) September 12, 2023
Edinburgh, with its Georgian-period homes, medieval city center, picturesque cobbled streets, and world-renowned performing arts Fringe festival, has become a particularly popular destination.
Knight Frank currently lists several high-end properties in the city, including an eight-bedroom home dating back to the 1600s, on sale for $7.5 million, and a five-bedroom townhouse in a prime Georgian street, listed for almost $2.5 million.
The trend extends beyond the city limits, with American buyers also showing interest in historic castles and estates. For instance, Dunbeath Castle, a property dating back to the 15th century and boasting 28,500 acres of land, is currently on the market for over $30 million.