Upbeat assessment of Scotland provided - commercial mortgages

29 July 2008

In news that may galvanise those with commercial mortgages, it has been stated that Scotland's current situation in the commercial property sector is still a strong one.

Steve Georgiou, director at magazine publisher Property Executive, said the situation in the commercial market was different to the residential sector.

He commented: "With commercial property, most of the developers I speak to are still extremely positive and are busy doing up the deals so Scotland doesn't seem to be suffering too badly."

In particular, he noted, Scotland is doing much better than the neighbouring north of England, adding that this is also the case compared to his clients in London.

Mr Georgiou added that commercial property is currently the best area in which to invest.

Research carried out by Investec Private Bank's Structured Property Finance division in April found that the majority of property professionals believed that the commercial property market will stabilise by the end of this year.