CAPITAL homeowners are looking to cash in on the stunning success of Europe in the Ryder Cup by renting out their homes when the event comes to Scotland.
The 2014 contest, at Gleneagles, will see the Europeans defend the trophy after coming back from 10-6 down to claim a historic victory on Sunday.
The thrilling final day’s action – coupled with the unexpected nature of Europe’s win – has sparked huge interest in the 2014 event, with experts predicting Scotland could now see a £100 million boost to the economy as a result.
It will be the first time in 40 years the famous competition has been held in Scotland, and while the city is not exactly close to the Perthshire course, it hasn’t stopped residents looking to cash in.
Already one property in the city has started advertising its availability for the tournament – at a cost of £4000 a week.
The four-bedroom property in Inverleith Place currently available advertises itself as being just “a pitching wedge” distance from bus routes to Waverley, which will get golf fans to Gleneagles in around an hour.
City properties are also expected to get a boost from next year’s Open Championship at Muirfield, which will bring another influx of golfers to the area. Already dozens of properties in East Lothian have started advertising, with some charging as much as £2000 a day over the course of the event.
Property experts said they expected more homeowners to come forward for both The Open and the Ryder Cup as the events got closer, but warned people not to expect to make a fortune in rent.
David Marshall, a business analyst with the ESPC, said the Ryder Cup was likely to have a similar impact on rents as the Fringe, meaning people can make a little more.
“You would expect in the same way as happens during the Fringe that the average rents over the short term will rise slightly due to an influx of tourists,” he said.
“However, historically the evidence tends to be that people overestimate what they might be able to get for the rental of their property, so the impact may not be as great as people may expect.
“For example, before the Olympics there were some astronomical rental prices being bandied about, but these very much tend to be the exception or really just a bit of wishful thinking.
“It will have a positive impact on rents, but not as much as people may think.
“Some people may consider timing their holiday at the same time as the golfing events so they can rent out their vacant property, but we would urge them to have a realistic expectation of what they can make.”
More than 250,000 spectators are expected to visit Gleneagles for the Ryder Cup.
Dr Mike Cantlay, chairman of VisitScotland, said: “The £100m boost the 2014 Ryder Cup will bring to the Scottish economy is obviously fantastic, but we are working hard to make sure that Scottish golf and Scottish tourism will benefit from this magnificent tournament for years to come.
“There is no doubt 2014 will be a year unlike anything we’ve ever seen in Scotland, with the Commonwealth Games and the Ryder Cup.”