The Courier & Advertiser (Perth and Perthshire Edition)
Perthshire estates eyed by foreign buyers.
ECONOMY: Falling pound stimulating interest among buyers from around the world
Scottish sporting estates are one of the hottest tickets on the continent right now as a Brexit-tinged downturn in land sales fuels a surge in demand.
Only 12 estates have been sold in the past year, says property consultancy Galbraith, half as many as the 24 that changed hands in 2016.
However, the company insists a lack of sellers, rather than a shortage of buyers, is behind the slump.
And shifting patterns in global markets saw the first sale of a major Scottish estate to a Russian buyer in more than a decade.
Galbraith, which is currently marketing the Glenlochay estate near Killin for offers over £4.2 million, says the falling value of the pound is stimulating interest among a range of foreign investors.
The company’s Anna Henderson said there was still plenty of interest in acquiring a chunk of the country.
“Scotland is one of the few places in Europe where large areas of wild land can still be acquired for either sport or conservation,” she said.
This is undoubtedly in our view due to the uncertainty over Brexit andthe general political and economic situation, with owners perhaps thinking there will not be demand for their properties. ANNA HENDERSON
“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.
“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.
“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 played a part in two thirds of Scottish estate sales this year.
Prices are holding firm, averaging around £3m so far this year, compared to 2016’s £3.4m.
Coastal or waterside estates tend to command a premium, explained Ms Henderson, with recent sales going for as much as 35% above the asking price.
The 12,816-acre Glenlochay sale was formerly part of the estates of the Earl of Breadalbane.
It includes five-and-a-half miles of double bank salmon fishing rights on the River Lochay, deer stalking, 1,306 acres of newly planted woodland, brown trout fishing, a livestock farming business and the potential for grouse shooting.