SIGNS of recovery in the Aberdeen property market have been detected in a new report as the city begins to emerge from the downturn in the oil and gas sector.
The latest property monitor by national law firm and estate agents Aberdein Considine has recorded a “substantial increase” in sales in the granite city in the third quarter of the year.
The volume of sales in the city was found to have risen by 7.9% compared to the same time last year, while the decline in prices has “levelled off” at -0.5%.
The valued of property changing hands in the area also saw a 7.3% year-on-year uplift, with total sales of almost £222 million.
The average cost of a home in Aberdeen now stands at £199,834.
The report stated: “North Sea operators are expected to generate a £10 billion cash surplus this year – the highest figure achieved since 2010 when the industry was enjoying a boom.
“That renewed sense of confidence appears to be filtering through to the region’s property market.”
Jacqueline Law, managing partner at Aberdein Considine, added: “The upturn in Aberdeen is great news after a prolonged difficult period, and is hopefully an indicator that we are beginning to see the north east emerge from one of its most testing downturns.
“News of the longer term investment plans for the area hopefully provides the necessary level of optimism to help maintain the momentum.”
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