News In Focus
19 December 2008
Commercial property deals down by two thirds
The value of commercial property deals in Scotland failed to reach £1 billion this year, compared with £2.9 billion in 2007, the Scotsman reports today.
The newspaper quotes figures produced by property company Jones Lang LaSalle, which claims that the two thirds drop in Scottish transactions is worse than the overall UK figure, which was down 55%.
According to the company, prices in Scotland have been slower to react to the effects of the credit crunch, but a recent decline has raised the level of interest among buyers.
It is likely to take until mid-2009 before the market stabilises.