Scottish Estates In Demand With European Buyers
International buyers, particularly Europeans, are continuing to purchase sporting estates in Scotland, not only due to the fall in the value of the pound but also because they see them as sound long term investments.
2017 has been a quiet year for estate sales with only 12 estates sold this year, compared to the 24 estates that were sold in 2016. However, the market is suffering more from a lack of sellers, rather than a lack of potential buyers. Anna Henderson, of the Galbraith Premium Property Department, said:
This is undoubtedly in our view due to the uncertainty over Brexit and the general political and economic situation, with owners perhaps thinking there will not be demand for their properties. When estates do come up for sale however, there has been interest from both home and abroad, and we have seen one large Scottish sporting estate acquired by a Russian, the first time they have been active in the Scottish market for more than a decade.
Galbraith has been involved with 63% of all Scottish estate sales this year, assisting clients with either selling, buying or valuing both on and off-market opportunities. A quarter of all the estates sold in 2017 to date have been off-market, the same as in 2016. Anna Henderson continued:
The average sale price in 2016 was £3.4 million. To date in 2017 the average sale price remains quite similar, at around £3 million. Coastal or waterside estates tend to command a premium, with recent sales achieving as much as 35% above the asking price.
Scotland is one of the few places in Europe where large areas of wild land can still be acquired for either sport or conservation. For those looking for natural beauty, affordability and privacy, there is nowhere else that comes close. Scottish land also represents extremely good value for money.
Galbraith created its specialist Premium Property Buying Department, headed by Anna Henderson, to meet the needs of buyers. The team has unrivalled local knowledge and expertise available to buyers wishing to find and secure the right estate among the limited stock available.