Edinburgh commercial property market ahead of Aberdeen

Pictured is the BT building at Edinburgh Park
Edinburgh generated the highest value of property sales in Scotland in the second quarter of 2015, according to new research by the Scottish Property Foundation (SPF).
The city returned more than £230 million worth of property sales for the period – surpassing Aberdeen’s three-year high of £201 million.
The SPF analysed figures from the Registers of Scotland and found that, across Scotland, the value of commercial property sales increased by 56.6% from Q1 2015 to £963 million.
According to the SPF, this surge could be attributed to a slowdown in investor confidence at the beginning of the year in the run-up to the General Election in May.
The volume of sales in Scotland also increased by 11% from 854 in Q1 2015 to 956 in Q2. There was a particular increase in transactions of more than £5 million which rose from 23 in Q1 to 34 in Q2.
The SPF says the growing number of transactions and high value of sales suggests that Scotland’s commercial property market is becoming more stable.
David Melhuish, director of the SPF, said: “Whilst the general economic commentary surrounding Aberdeen has focused on the impact of falling oil prices, it is striking to see that its commercial property market is going against the grain and retaining significant investment.
David Melhuish of the Scottish Property Federation
David Melhuish of the Scottish Property Federation
“Aside from the dip in value that we saw in the last quarter, which could well be attributed to pre-election uncertainty, figures over the past year show that Scotland’s commercial property market as a whole is growing in strength and value. This is reflective of wider economic commentaries which have reported a growth in business confidence in Scotland.”

 

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