Coronavirus (Covid-19) update: We are open for business as usual and still buying properties. We are following government guidelines with social distancing for surveys & appraisals so secure your property sale with us today.
Property News > European Buyers Still Buying in Scotland Estate Market Despite Brexit Impact
European Buyers Still Buying in Scotland Estate Market Despite Brexit Impact
With the shadow of Brexit looming over the property market it would be safe to assume that international buyers would be wary of buying in the UK. It seems in Scotland at least buyers are still active, especially in the sporting estates sector.Part of the reason for the interest in these properties is the fall in the value of the pound, which is a good reason to act fast. The other reason is, even with the impact of Brexit, this type of property is still a good long-term investment.In 2017, it appears that property sales have been strong in the estate sector, with 12 sold. This is down from 2016 though which saw the number at 24. Based on research done by property consultant Galbraith though, the reduced number of sales is in fact a lack of supply rather than a lack of potential buyers.When estates do come up for sale though, they are normally snapped up by potential buyers. This comes down to the fact that buyers are expecting uncertainty in the market due to Brexit and the impact of government changes which have been anything but helpful to the property market. There is an assumption that supply is low, which is true, and this is why they are going fast.Galbraith, which have been involved in around 63% of the sales this year are in a prime position to see how the estate market is holding up in 2017. They revealed that quite a few of the sales have in fact been active off-market, which is something that happened in 2016 too.Looking at the prices of the estates that are up for sale this has been on average around £3.4 million in 2016, falling to £3 million in 2017. Coastal and waterside estates are seen to be the premium choices for potential buyers, with around 35% of sales being of these types.It comes as no surprise that the estate market in Scotland is still faring well, as the country has many areas that are perfect for this kind of development. With customers interested in the natural beauty that the wild areas of Scotland bring, it is seen as a country that provides good value for money.With some of the quality estates going for around £2.5 for a 5,000 acres area of land, there is chance for quality purchases, and this is why there is such interest from all around the world, not only Europe. It looks like whether Brexit has a negative effect or not, Scotland’s property market will remain strong, especially for estate land.