The Scottish Property Federation has reported that in the second quarter of 2018, commercial property activity in Aberdeen exceeded that of Edinburgh and Glasgow.Total sales in Aberdeen were more than £123 million. This compares to total sales in Edinburgh of £122 million and £104 million in Glasgow.
There were fewer property transactions in Aberdeen, but the averages sales value was higher than in Glasgow and Edinburgh.
In the whole of Scotland, commercial property sales were down by 29% when compared to the first quarter of 2018. This is partly due to a decrease in the number of higher value sales.
The director of the Scottish Property Federation, David Melhuish commented:
“Across Scotland the recent data suggests that the commercial property sales market has been quieter than we have been used to in the past few years.”
Though commercial property sales were down in the second quarter of 2018, £1.4 billion was invested in commercial property during the first half of 2018 which is an increase over 2017.
Edinburgh and Glasgow used to be the main focus for property investors, but the new figures show that investors are now looking at other major Scottish cities.
Despite the recent Bank of England interest rate rise, there are plenty of lenders offering commercial mortgage deals at reasonable interest rates. There is no shortage of finance options available for people investing in the Scottish commercial property market. A broker can find the best commercial mortgage and bridging finance deals.