Best for bargain hunters or first time buyers
Properties with an EH11 postcode (which includes the Dalry, Gorgie and Sighthill areas) are the most affordable in the city, at an average cost of £165,926 as of 2017.
This is £3,284 lower than 2016’s average prices.
Homes in Liberton (EH17) come in as the next cheapest, costing £171,839. In 2016, the same properties would have cost an average of £2,568 more.
The area surrounding Holyrood Park (EH8) is home to the third most inexpensive properties in Edinburgh at the moment. Buying here costs an average of £203,299, which is £2,466 less than 2016.
One example of a great buy for first time property owners is this first floor, one-bedroom flat in Sighthill which is on the market for offers over £77,995 with McEwan Fraser Legal.
Available in a walk-in condition, the one-bedroom property has a spacious lounge, fitted kitchen, double bedroom with built in wardrobe space and a good sized bathroom which boasts electric underfloor heating.
Ideal locations for young professionals
If you can’t (yet) afford a home in the EH1 postcode then Portobello and Duddingston (EH15) are ideal for commuters and saw a marginal rise in price from 2016-2017.
Properties here are on the market for an average of £258,366.
An ideal flat for young professionals looking to be close to town but without the huge budget required is this two bedroom flat located in a B listed Georgian building.
25 Pittville Street is a charming two bed upper flat, which is home to many period features, and is situated on a quiet residential street in the popular area of Portobello.
The flat comprises a large living room with feature fireplace and Carrara Marble surround, working shutters and ornate cornicing; a modern fitted kitchen/dining room with integrated appliances; two good-sized bedrooms; a contemporary shower/wet room with three-piece suite.
The property is on the market with Murray Beith Murray for offers over £295,000.
Old Town Favourites
Although the Old Town is an extremely desirable location, it is still possible to find an affordable flat if your budget is upwards of £230,000.
So while this won’t be an option for many first time buyers, this location is perfect as an investment or for a second home and offer excellent rental opportunities.
One of the cheaper Old Town flats on the market now is this third floor, one-bedroom property on Holyrood Road.
On the market with Deans for offers over £165,000, the property is situated within a category B listed building and comprises an open plan living room/kitchen, a master bedroom with traditional wood panelling and a mezzanine level and a shower room.
There’s also on-street parking and access to a communal drying area.
New Town Wonders
As reported by the ESPC in December, the last three months of 2017 saw a huge rise in the average selling price of property in the New Town and West End.
As well as showing a 26.4 per cent increase in selling price to £398,804, the volume of these New Town and West End properties being sold has increased by 18.5 per cent, indicating that the rise is not solely attributed to a shortage of properties driving up demand.
If you’re looking for a ground floor flat with a garden, then you could do a lot worse than this three-bedroom flat at Learmonth Terrace.
22A Learmonth Terrace is a three-bedroomed West End property with a beautiful enclosed garden, surrounded by mature trees and including a lawn and sheltered terrace. The flat also has a sunny courtyard at the front.
For those wanting to add value, the flat offers potential for refurbishment and the space to indulge green fingers outside.
The property is for sale with Balfour & Manson for offers over £440,000.
Perfect for investments or those with high budgets
The west end, Morningside (EH10), Marchmont, Sciennes and Blackford (all EH9) and the city centre (EH2) are all still desirable areas with ongoing property developments aimed at high spenders.
Although 2017 saw a slight drop in average house prices in these areas, they are still expensive thanks to their locations and spec of property available, which ranges from luxurious new builds and historical Georgian villas.
One of the most notable developments is at the site of Donaldson’s College, where CALA Homes have created a set of modern homes titled The Crescent.
Properties here are now available to reserve, with prices in the region of £950,000 - £1,925,000.
Another development to look at if you’re interested in the finer things in life is the renovation of the Victorian townhouses at Drumsheugh Gardens in the west end.
Dunedin Properties is putting the finishing touches to two adjoining Victorian townhouses which have become apartments at 6 and 7 Drumsheugh Gardens, while a third, 29, will be completed later this year.
The property is within a short walk of the retail, financial and commercial city centre in Princes Street, George Street and Lothian Road and also has easy access to Haymarket Station.
The apartments will benefit from lift access and private parking (available by separate negotiation).
To the front they look out over the green space of Drumsheugh Gardens (each apartment has key access) and to the rear the upper apartments view stretches to Edinburgh Castle.
Drumsheugh Gardens apartments are priced at £610,000 to £850,000, contact Strutt & Parker for more information.
If money is no object
If you have slightly more regal dreams, then why not invest in a castle located only three miles from the city centre?
Craigcrook is a historic, 16th century castle in the Ravelston area, which features a viewing tower, gymnasium, cinema room, games room, a separate Gatehouse and grounds of 4.4 acres with walled garden.
The three storey castle has welcomed the likes of Charles Dickens, Hans Christian Andersen, Sir Walter Scott, Alfred Lord Tennyson and George Eliot over the past few centuries.
Built in 1542 by William Adamson, it boasts a round tower that offers breathtaking views of Corstorphine Hill, Blackhall and The Firth of Forth.
The castle is currently on sale at £6,000,000 with Ballantynes, for first time in nearly 300 years.
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