Scotland witnesses an increase in luxury realty purchases

The UK’s luxury realty sector is buzzing and Scotland is reportedly witnessing an increase in the number of transactions for luxury real estate. High net-worth buyers are snapping up properties in Scotland in the luxury category and the number of transactions has increased by close to 41% as per reports. The number of transactions that have values of more than 1 million pounds or roughly US$1.3 million have touched 201 units for the year ending in June 2018 as compared to 143 transactions in this space for the year ending in June 2017 according to studies.

The trend is continuing with buyers keen on purchasing prime real estate in Scotland. Edinburgh is driving a majority of luxury real estate transactions and 60% of premium sales volumes have been witnessed here. For the period mentioned above, 120 transactions of properties priced more than 1 million pounds took place in Edinburgh as compared to 54% or 78 units for the same period back in 2017. Edinburgh also accounts for 69% of overall transactions in Scotland for properties that are priced more than 2 million pounds or approximately US$2.61 million.

The increase in the number of transactions in the capital is majorly attributed to higher growth in home prices over the last few years according to experts. 9% was the average growth in home prices in June 2018 for Edinburgh and the trend is continuing as per reports. Greater Glasgow saw 30 transactions in the luxury realty space for the same period which was a marginal increase as compared to this period in 2017. The city area had 10 transactions although activity in the luxury property market was lower in other areas on account of the lower supply of new build units.