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Steeped in unique traditions and culture, Scotland is beloved across the globe. Known for the beautiful landscapes across the country as well as its remarkable architecture and history, it welcomes around 150 million visitors per year.
The country’s famous highlands cover an area of 10,000 sq miles and host the highest mountains in the UK as well as the legendary Loch Ness, which holds more freshwater than all lakes in England and Wales combined. Being part of the wider UK, the governance of Scotland is heavily involved with decisions on healthcare, education and new laws all being decided within the Scottish Parliament Building in Holyrood, Edinburgh.
Scotland has long been famed for its resilience in the face of adversity and this reputation extends to its economy. In the past two decades, Scotland has shown positive GDP growth, mimicking the trend of the Greater UK.
Since 2000, Scotland’s population has grown by 8.3% up to 2021 when it stood at 5,482,950. Scotland’s overall population growth is expected to reach about 5,518,250 residents by 2035, a 0.6% increase since 2021.
House prices in Edinburgh have increased by an impressive 7.5% per annum over the past 5 years. House prices in the region are forecast to rise by a further 17.6% up to 2027.
In 2022, Scotland’s GDP is estimated to stand at GBP 156.46 billion. It is forecast to reach GBP 178.93 billion (+14.4%) by 2032.
As the capital of Scotland, Edinburgh has become a bustling business, education and tourism hub that attracts talent, students and visitors from across the world. Edinburgh sits just 332 miles north of London accessible within 1 hour and 20 minutes by air, or in under 4 and a half hours by train.
Celebrated as one of the most beautiful cities in the world, Edinburgh’s distinctive sandstone architecture, green open spaces and lengthy history has earned the city UNESCO World Heritage status. The city’s charming New Town area covers over 450 hectares and is characterised by vast Georgian terraces dating back to 1767. Unsurprisingly, Edinburgh is regularly voted one of the world’s best cities to live in.
As a major capital city, Edinburgh benefits from continued investment and confidence from some of the largest and fastest-growing companies in the world, such as Amazon, Microsoft and IBM.
The city of Edinburgh has 532,200 residents as of 2021. The population is expected to continue growing rapidly, and reach about 570,000 residents by 2035, a 27% increase since 2000.
House prices in Edinburgh have increased by a staggering 49.3% since 2015. This trend is forecast to continue with house prices expected to increase a further 17.6% between 2023 and 2027.
Edinburgh’s GDP has grown by a considerable 157% since 2000, totaling GBP29.4 billion as of 2021. The average GDP per capita has risen 117% since 2000 and is expected to increase by a further 75%, reaching a staggering GBP 96,456 by 2035.
As Scotland’s largest city, Glasgow is a leading destination for economic output. With an estimated GDP of GBP 23.66 billion in 2022, Glasgow produces approximately 14% of all Scottish output and is home to 28% of all Scottish companies providing a third of the country’s jobs. Glasgow is the number one UK Core City for producing the highest number of Financial and Business Services graduates, many of which choose to remain in the city, bolstering Glasgow’s growing financial sector.
Glasgow Metropolitan Area is expected to grow at the same rate as the iconic cities of New York, Los Angeles and Paris. A statement underpinned by a projected increase of 175,000 people to the current 1.7 million inhabitants over the next 15 years.
Glasgow property prices are forecast to rise 14.2%, and rental growth 15.3% over the next 5-year period.
In 2021, Glasgow’s GVA was reported to be GBP 47.3 billion. GVA is predicted to grow by 25% over the next 15 years, compared to 13% over the previous 15 years.
