But now, figures have shown that the average price of a property located close to Scottish Premiership football grounds has increased by 20 per cent over the last ten years – far outstripping the rise in Scotland as a whole.
Homes near Aberdeen City’s ground in Pittodrie have seen the biggest rise of 37 per cent – up from £110,286 in 2007 to £151,273 in 2017, according to the report from the Bank of Scotland. The rise comes despite a six per cent drop in prices in the area last year as a result of the downturn in the oil and gas industry.
Meanwhile, prices around Easter Road in Edinburgh, home to newly promoted Hibernian, have seen the second biggest increase with a rise in average property prices of 29 per cent from £160,002 ten years ago to £205,626. Properties located close to Motherwell’s Fir Park have seen the third biggest rise in prices with an increase of 23 per cent, followed by Hamilton Academical’s New Douglas Park with an rise of 21 per cent.
However, Celtic – last year’s title winner – and fellow Glasgow side Rangers are the only ones to see a decrease in prices over the past decade.
The average value of properties close to Celtic Park fell by 17 per cent between 2007 and 2017, while the cost of a home close to Ibrox slumped by two per cent .
Property experts, however, said the increase was likely to be due to stadiums’ locations in more deprived areas of Scotland’s cities, which are in turn becoming desirable as rising house prices push out buyers from the more expensive locations.
Orlaith Brogan, spokeswoman for SPC Scotland, the umbrella group for Solicitors Property Centres around the country, said: “It’s not the connection of the stadium to placings in the football leagues, more that the increase in average selling prices are linked to gentrification.
Robert Carroll, managing director of Mov8 Real Estate, added: “Areas around Gorgie, Easter Road and Govan, for example, were seen by property developers as ripe for redevelopment.
“Particularly after the worst of the credit crunch passed, property developers returned to these areas in droves. This, combined with fancy newly-built homes and flats that aren’t in keeping with existing housing stock, has seen average house prices outperform the rest of the market”