Oligarchs Turn to Scotland

Having cooled considerably in 2004, the Scottish country house market is up and running again, and with gusto, according to Knight Frank?s latest residential report. A shortage of quality property and strong demand from inward migration to Edinburgh are some of the reasons for this trend, but another factor is international buyers, prepared to pay good prices for quality property, entering the market. ?What we are seeing is that Scotland is becoming more accessible, with all our regional airports handling more international flights, and this opens us up to a completely different kind of buyer,? says John Coleman, Head of Knight Frank Residential in Scotland. ?Prospective buyers look at Scottish property and see stunning quality at competitive prices, in a beautiful part of the world so no wonder they are keen to buy here,? he continues. Knight Frank?s report records buyers from the Far East and Western Europe joining the more familiar buyers from the Middle East and North America in the property market there. Buyers from Eastern Europe, notably Russia, have also been showing an interest in Scotland in recent months, according to the agent. ?You read a lot about oligarchs coming over to London and buying some of the best houses, but in Scotland they can have a large country house in a stunning setting for a fraction of the price,? adds Mr Coleman. However, the report also confirms that the most familiar face looking for a country house in Scotland is still English: ?A high percentage of properties sold by Knight Frank in Scotland are purchasers from outside the area. The top end of the residential market in Scotland sees particularly strong demand from buyers in London and the rest of England who account for over 40% of the sales,? it says.