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Foreign investors go online to buy Scottish homes

Foreign buyers are increasingly taking advantage of relatively low prices to invest in residential housing in Scotland, according to one online property auction site.

Buyers from the Far East, North America and Eastern Europe are among those who have purchased flats in a variety of locations across the country through Online Property Auctions Scotland during the past two months. According to chief executive George Douglas, this is an increasing trend in the market.

“We are now attracting interest from around the globe, at higher levels than before,” he said. “Among the recent buyers of properties auctioned by us have been investors living in China, Hong Kong, Saudi Arabia, Romania and the USA.

“Prices in Scotland have risen steadily over the past 12 months, despite the pandemic and the obstacles it has caused to viewing. This is due to the market adapting to a more online-based selling system.

“Even with the increase in value, Scotland is still thought of as an area with great growth potential.”

Among the properties purchased by foreign buyers through Online Property Auctions in the past two months are: a flat in Princes Court, Ayr, to a Chinese buyer; a one bedroom flat in George Street, Ayr, to a New York resident; a one bedroom flat in Saracen Street, Glasgow, to a Chinese resident; a three bedroom flat in Millgate Road, Hamilton, to an investor based in Hong Kong; a tenanted commercial property in High Street, Kirkcaldy, to a Saudi-based investor; a two bedroom flat in Jimmy Sneddon Way, Motherwell, to a Romanian resident; and a two bedroom flat in Castlefern Road, Rutherglen, also to a Romanian buyer.

Mr Douglas added: “While the various lockdowns have prevented viewing in a traditional sense, it has led to a greater reliance on online sales. Despite everything that is here, foreigners still see Scotland as a good investment.”

*This article first appeared in The Herald on the 23rd January 2021. Credit Kristy Dorsey.

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