The £1 million plus Scottish housing market has dropped back considerably since 2007, but the number of sales have stabilised in recent years.
Edinburgh still accounts for over 40% of all such sales in Scotland, but sales are growing fastest in and around Aberdeen.
The vast majority of buyers of £1 million houses are already located in Scotland. A large percentage of overseas buyers have existing strong Scottish connections, e.g. are expatriates. There are encouraging signs of the market returning in the first half of 2013. Rettie & Co alone have sold 10 such properties in the last 3 months in Edinburgh. Simon Rettie, Managing Director, commented, “The £1 million plus housing market has struggled alongside other parts of the housing sales market in recent years. However, there has been a notable improvement in market sentiment and confidence from the beginning of January and we believe that the market will rise over the course of the year.
Typically, only around 1 in 10 sales over £1 million houses in Scotland go to an overseas buyer in any given year. Although far from a negligible market, the influence of overseas buyers on this particular housing market has been exaggerated by some.”
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