Overseas buyers have purchased more than a third of properties in Edinburgh's Quartermile district, which features a mix of modern and historic architecture. This trend raises concerns about local ownership and community impact.
Key points
Overseas buyers own more than a third of Quartermile properties
Quartermile is located between Edinburgh's Old Town and The Meadows
The area features modern glass and steel towers
Historic 19th Century sandstone buildings remain in the district
Concerns arise over local ownership and community impact
Edinburgh's Quartermile district is wedged between the city's historic Old Town and The Meadows, one of the city's most popular parks.
A rash of glass and steel towers surround 19th Century sandstone buildings left from when a hospital occupied the city centre site.
But walking among its sleek new buildings, housing offices and luxury apartments, it is hard to escape the sense you could be almost anywhere in the world.
And when you look at who owns the properties in this controversial development, there is another unexpected discovery.
More than a third of the properties in the development were bought by people based overseas, latest figures have revealed.
Registers of Scotland (RoS) data shows 263 of the 751 property titles at the site were registered to an overseas address when purchased. This includes 95 buyers based in Hong Kong alone.
They are among more than 5,000 offices, hotels, homes and shops in the city where records show the buyer was based outside the UK at the time of purchase.
The vast majority of property and land in Scotland is registered to people and companies based in the country.
But RoS data shows a total of 28,825 titles - 1.4% of the total - on the land register where the owner had an address outside the UK at the time of purchase.
Titles in Edinburgh account for 18.7% of the overseas registrations.
Located on the site of former Royal Infirmary of Edinburgh, the Quartermile development gets its name from the fact it measures a quarter of a mile from corner to corner.
It was a controversial project because of the height and design of its glass tower blocks - and also because it only came about because the hospital was moved to a new site on the edge of Edinburgh with poor transport links.
The development has been a commercial success with offices let to the likes of travel website Skyscanner and a raft of top legal firms.
Its flats have also proved popular.
Data released to BBC Scotland shows that in the EH3 9G postcodes that cover Quartermile, 369 of the titles in the land register were lodged with people or firms based in Scotland at the time of purchase.
A further 119 were registered to addresses in the rest of the UK, and 263 were outside the UK.
A breakdown of the properties registered overseas shows they went to a total of 44 different countries or crown dependences, including Russia and the Cayman Islands.
A total of 95 titles were registered to owners in Hong Kong, a further 51 to buyers in Singapore and 12 in Malaysia.
It is thought many of the flats were sold to international students and their families, as well as global property investors.
Q&A
What percentage of Edinburgh's Quartermile properties are owned by overseas buyers?
More than a third of the properties in Edinburgh's Quartermile district are owned by overseas buyers.
What is the significance of the Quartermile district in Edinburgh?
The Quartermile district is significant for its blend of modern glass and steel towers alongside historic 19th Century sandstone buildings.
How does the development in Quartermile affect local communities?
The influx of overseas buyers in Quartermile raises concerns about local ownership and its potential impact on the community.
What types of properties are found in Edinburgh's Quartermile district?
The Quartermile district features a mix of offices and luxury apartments set against a backdrop of historic architecture.
Flats in Quartermile are generally more expensive to rent and buy than comparable sized properties.
One senior manager at an Edinburgh residential property firm, who asked not to be named, said that was due to their 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 is an Edinburgh-based architect who also sits on the board of the Common Weal, a social and economic equality think tank.
He said the city would be better served if Quartermile was still the location of its main hospital.
"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."
As of 31 December last year there were a total of 5,385 titles where the owner's address, as supplied at the time of registration, was not located in the UK.
Some of the buildings include the city's well-known hotels - such as the listed India Buildings on Victoria Street, which are leased to Virgin Hotels - as well as 12 properties on Princes Street.
A total of 11 offices in Charlotte Square - which is home to the publicly-owned Bute House, the first minister's official residence - are registered to a property firm based in the British Virgin Islands.
Elsewhere, Argyle House, a giant brutalist 1960s office block near the Grassmarket, is registered to a firm based in Luxembourg.
It recently lodged controversial proposals that could see the building demolished and replaced with a hotel, flats, offices and shops.
The true tally of property and land owned overseas is likely to be higher.
Time poor and cash rich overseas buyers looking to move to Edinburgh will often find their way to professional househunter Leah Bryce.
The independent property sourcing consultant said she is working with an increasing number of international clients who are drawn to Scotland and its capital city.
"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 can find herself buying homes on behalf of clients without them ever having had a viewing.
She said there had been an increase in interest from people in the United States, which tops the chart of country of origin for overseas buyers in Scotland.
She added: "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."
