Aberdeen is seeing tentative signs of recovery in the property market following the downturn in the oil and gas market, new figures have revealed.
The latest property monitor by national law firm and estate agents Aberdein Considine has revealed that sales in the Granite City have increased for the first time in nearly two years, with a rise of 7.9%.
The value 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 – 0.5% lower than a year ago.
Property prices are back on the rise in Aberdeenshire, rising 2.8% to £215,733,
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.”
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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.
“There’s still a huge amount of work to do to try and get back to where we were but news of the longer term investment plans for the area, and the oil price having hit $80 this year, hopefully provides the necessary level of optimism to help maintain the momentum.
“Critically, the positive effects of a return to sustainable growth in the energy sector should filter through to the rest of the country, providing benefits for businesses across the supply chain.”
Angus experienced a 12.5% increase in the number of homes sold and an 11.2% rise in the total value of those homes sold at £97,720,210, while prices of homes in Moray increased by 3% year on year.