Scotland’s £1m property market: Where high-end homes are selling

In the Scottish property market, homes commanding prices of £1 million or more have become increasingly prominent, reflecting both the country's economic resilience and the desirability of its prime locations. Data reveals that, in the core regions covered by espc.com, thirty-two such properties were sold by ESPC solicitor estate agents in 2024, amassing a total sales value of £39,565,243 and an average sale price of £1,236,414. A significant majority of these transactions occurred in Edinburgh, with twenty-seven properties sold, while East Lothian accounted for four sales, and Fife saw one.

Edinburgh continues to dominate Scotland's high-end property market, with its excellent schools and robust infrastructure making it a prime location for affluent buyers. The highly desirable neighbourhood of Morningside emerged as the leading hotspot for £1 million-plus sales, recording seven transactions in 2024, with Colinton close behind with four sales over a million. Somewhat of a “millionaire’s row”, Morningside Drive featured no fewer than three £1 million-plus property sales, two of which were neighbouring homes that both went under offer within two weeks of each other. Similarly, on Colinton Road, two homes a matter of metres from each other sold for over £1 million last year.

Elsewhere in the capital, the ever-popular area of Newington recorded three £1 million-plus property sales, while the Grange, South Queensferry and the up-and-coming suburb of Trinity all had two property sales over a million pounds. Blackhall, Cammo, Fettes, Mayfield, New Town, Sciennes and Stockbridge all recorded a single £1 million-plus property sale in 2024.

Beyond Edinburgh, East Lothian has solidified its status as a desirable location for high-end property buyers. The region's picturesque coastal towns, such as Gullane and North Berwick, offer a blend of natural beauty and accessibility, appealing to those seeking luxury residences outside the urban environment. Four properties sold in East Lothian for £1 million or more – two in North Berwick, one in Gullane and one in East Linton – reflecting the continued interest in the region for high-end homes.

Although only recording one property sale for £1 million or more, Fife was home to the highest selling property on the list. Purchased for a whopping £2.3million, the elegant coastal home in Elie was over £700,000 more expensive than the next costliest home, and a notable £1 million more than the average cost of the 32 properties.

Looking at how fast these properties found new owners, the average time to sell was 56 days, which seems fairly reasonable given that high-end homes are very much, a considered purchase. Interestingly, the swing between the fastest and slowest property sale was huge, with the quickest home being sold in just 1 day and the slowest home being sold in 393 days. However, with 24 homes selling within one month, it’s clear that the appetite for high-end homes is strong.

ESPC CEO Paul Hilton commented: "The data underscores the dynamic nature of Scotland's luxury property market. While Edinburgh remains a central hub for high-end real estate, areas like East Lothian and Fife are emerging as attractive alternatives for discerning buyers. As economic conditions evolve and buyer preferences shift, Scotland's £1 million-plus property market is poised for continued growth and diversification. The data also sends a clear message that ESPC solicitor estate agents are highly successful in that area of the market and are selling more million pound plus homes than ever before."