With a record two million tickets sold last year, Edinburgh Festival is the world’s largest cultural event. This year’s Festival will incorporate more than 50,000 performances in more than 300 venues throughout the city, from a double-decker bus to the Castle esplanade, home of the Royal Edinburgh Military Tattoo.
Not surprisingly, rental property is at a premium during the Festival and the savvy investor can earn good returns. However, it's crucial to buy the right property. Here are the five most important aspects to bear in mind if you're planning to buy a Festival let, and a selection of the best available properties.
Festival goers often prefer to walk to venues rather than queue for a taxi. They also appreciate being close to the city's many bars and restaurants. Remember that though areas slightly further out like Stockbridge and Bruntsfield play host to a number of productions, most Festival and Fringe venues are located in the city centre.
2. Capital return
Average rents in central Edinburgh are around £1,000 pcm but investors can expect to earn up to three times that amount for the best properties at key times of year, including the Festival in August and Hogmanay in January.
Rather than a self-contained house, go for an apartment where there is a front door to the main building, often with a security entrance system. Having neighbours who live in the building year-round will be a deterrent to intruders.
The best Festival lets are often contemporary properties or have been professionally refurbished so are completely weather-tight and low-maintenance.
5. 'Wow' factor
A property that has something special will ensure it stands out from the competition and secures the best rental income, for example designer kitchens and bathrooms, a roof terrace, or simply an exceptional view of the city.
Incredible views and plenty 'wow' factor: Ravelstone Terrace, West End, Edinburgh – Offers over £795,000
Living area and outside space, Ravelstone Terrace, West End, Edinburgh – Offers over £795,000
Adjacent to the castle: Ramsay Garden, Old Town, Edinburgh – Offers over £995,000
In the West End and close to airport tram: Grosvenor Gardens, West End, Edinburgh – Offers over £720,000
Close to the Fringe venues in the Old Town: Simpson Loan, Quartermile, Edinburgh – Offers over £205,000
Opposite Princes Street Gardens with views of the castle: Castle Street, Edinburgh – Fixed price £525,000
Living area, Castle Street, Edinburgh – Fixed price £525,000
High-spec in West End location: Manor Place, West End, Edinburgh – Fixed price £635,000