The Scottish property market underperformed the UK as a whole in 2002, according to the latest Insignia Richard Ellis Scottish quarterly index.
Total annual returns for all property in Scotland reached 9.8% in 2002, 0.1% behind the annual total return for the UK.
However, the performance of the Scottish office sector was “markedly” stronger than for the UK as a whole.
Annual returns for Scottish offices were 10.3%, compared with a figure of 3.8% for the UK as a whole.
Returns for the Scottish industrial sector remained robust in 2002 according to IRE, despite the poor performance of the manufacturing industry.
The annual return for Scottish sheds was 10.2%, slightly outperforming the UK figure of 10%.
IRE said the Scottish retail market continues to underperform the UK as a whole, with zero annual rental growth compared to 2.9% in the UK.
Annual returns for Scottish retail were 9.2% against a UK figure of 14.4%.
EGi News 30/01/03
