Four years on since the oil price crash, the Aberdeen area residential market has undergone a period of severe adjustment. From peak to trough, the annual number of residential transactions fell by 31% and the average house price in Aberdeen City dropped by 20%.

There are signs of cautious optimism. An increase in the price of oil has supported a stable residential market for much of 2018. With hopes of moderate economic growth over the next few years, the market is ripe for recovery.

Aberdeen faces a huge challenge to diversify its economy and reduce its reliance on the oil and gas sector. But there are already signs of more activity in the local development market, with Aberdeen City Council implementing the majority of our recommendations in the Savills City Living report.

Moreover, Aberdeen’s commercial property market continues its road to recovery, with the supply of high quality accommodation remaining constrained.

Aberdeen should take heart from the fact that the rest of Scotland’s residential market is enjoying its strongest conditions in a decade. Now is the time for Aberdeen to catch up and shine again.

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