Luxury home sales in Scotland are on the rise as cash rich buyers re-enter the market. Many investors are also moving away from the over-inflated real estate prices in London and seek bargains elsewhere, re. in Scotland.
Real estate agents see this renewed surge of sales as a positive sign for the market. Jamie Macnab, director of country houses with Savills was overheard saying: “We’ve had a lot of interest in Scottish country houses lately from Europeans, especially as they realize they can get better value for their money because of the exchange rate.”
“The market went through a period of negative adjustment in which prices probably fell by around 20% from the peak, but now is a good time to buy. The worst of the falls are now behind us.”
Much of this interest was coming from as far away as Australia, Dubai and other European countries. Onecall Home Assist is dealing with a lot of inquiries from landlords who seek property maintenance people to look after their overseas investments.
One reason why the Scottish real estate market is taking off is the favourable exchange rate.
A good amount of properties above the £1m have been sold by Estate agents Rettie & Co in Edinburgh. They recently managed to sell six of these properties and one which sold for more than £2m.
In the last six months alone transactions in the area have actually tripled according to local real estate agents.
Coodham House is a recently renovated Victorian mansion in rural Ayrshire. It consists of six apartments and three homes and is a prime example of London type real estate being bought by interested parties at great prices.
Once owned by James Ogilvy Fairlie, the man behind the design of Prestwick Golf Club used to be the owner of this stately property at one stage.
If property at the high-end is so hot, there might be a rippling wave of renewed interest at the lower end soon.
Photo credits: Scott Denham via flickr