A growing number of Asian buyers are investing in Scottish property, revealed Savills Research.
In the first six months of 2014, more than £20 million of prime Scottish homes were picked up by South East Asian buyers, and there was a 67 percent increase in the number of buyers from this region compared to the same period last year, the consultancy noted.
As a result, Savills Scotland is ramping up efforts to promote some of its finest Scottish properties in Hong Kong and Singapore.
In fact, the firm has been helping buyers from Hong Kong, Malaysia, Japan, Thailand, Singapore and China to invest £35 million in prime Scottish property over the past two years.
According to Savills, Edinburgh’s New Town is the most searched for location in Scotland for Asian buyers. In terms of the types of properties they’re looking for, it ranges from urban apartments to castles, with an average price of £314,000.
Commenting, Savills Director Jamie Macnab said: “We are currently in touch with around 67 buyers from South East Asia, and two thirds of these buyers are from Hong Kong or Singapore. Many shrewd international buyers are recognising the incredible comparative value for money and quality of life on offer North of the Border compared to London. The record value gap is one reason why Asian property wealth is being invested here.
“Some of our buyers are expatriates waiting for the right time to buy; others are Asian families investing in property here to access Scotland’s highly regarded private schools, like Fettes and Merchiston in Edinburgh which are particularly popular choices for parents living in Hong Kong and Singapore. All are curious about the vagaries of the local market, how it is faring in the context of the economic recovery and what the impact of Referendum has been,” he added.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
