Investing in Aberdeen: Analysing the Property Market Landscape

Aberdeen Property Market Insights: Trends and Predictions for 2024

Aberdeen is known for its rich history, stunning architecture, and pivotal role in the oil and gas industry. The Granite City has steadily become an attractive destination for property purchasers and investors alike.

We caught up with Deborah Bonner, Property Valuer in Aberdeen, to discuss her views and insights around the current local residential property market performance, plus her market predictions for the second half of 2024.

Aberdeen’s property market has seen varying performance levels, however, recent ASPC figures encouragingly suggest that with over 800 insertions in the month of May alone – the highest since September 2020 when lockdown eased – with sellers keen to move on with their plans and subsequently – it’s a great time to purchase with a variety of property styles and options available to them.

It’s reasonable to suggest that it is currently a market of two halves, and properties that sell the quickest – and for the best prices – are the ones that require no work to be undertaken and which are offered to market in a modern and well-presented manner. Properties that require significant modernisation are indeed selling, though they are usually securing prices below market valuation, and we have seen a significant rise in property investors going after them.

Seasonally, activity is widespread over the city and the Shire as summertime sees families on the move and keen to secure a property within certain catchment areas for schools, and for this reason very often houses fare better than flats during the warmer months.

As we move into the second half of 2024, Aberdeen’s residential property market is expected to experience moderate growth. With the Scottish and UK Government’s committed towards reducing carbon emissions, renewable energy is likely to bolster economic stability, positively impacting the property market.

There has been much more confidence in the market since the Truss/Kwarteng mini-budget in September 2022 which is encouraging, and we are hopeful that with mortgage rates looking to stabilise, this trend will continue. Overall, steady demand is anticipated to continue driving the market and we at Gilson Gray very much look forward to seeing the market continue on an upward trajectory across Aberdeen and the surrounding area.

Now is an excellent time to start a portfolio, if you have been toying with the idea, there are some great deals to be had and the rental market is buoyant so finding a tenant won’t be an issue. If you are thinking of stepping onto the property ladder, there are loads of options out there and you will secure a lot for your money – so don’t miss out!

Here at Gilson Gray, we never underestimate your home is the most important purchase you will ever make and it is essential to line up a knowledgeable professional to assist you in securing the best possible property which suits all your needs.

Equally, for those looking to invest in Aberdeen’s residential property market, it is important to do your research and speak with property professionals in your local area. A Solicitor Estate Agent such as Gilson Gray understands the local market dynamics and can advise on areas, as well as individual properties, with strong demand and potential for growth. Our insights will guide you towards sound property decisions.