One of Scotland’s biggest property factors insists it remains committed to investing in Aberdeen despite the latest woes of the oil and gas industry.
Newton Property Management said the Granite City still held “huge value” and pledged to help clients throughout the Covid-19 crisis with tailored support whenever possible.
The pandemic and lower oil prices have dealt a major blow to the offshore energy sector, leaving thousands of workers across the north and north-east furloughed or jobless.
But Ross Watt, Newton’s managing director for the region, remains confident Aberdeen can bounce back stronger than before.
Mr Watt, who was born and bred in the city, added: “The economic lockdown in reaction to the coronavirus pandemic has plunged the economy into its steepest downturn in decades, and the effect on the oil and gas industry is especially bad news in Aberdeen.
“But the city is as safe a long-term bet as any area of the UK – better even.
“The fundamentals of a pandemic-led financial crisis are vastly different to the last financial crash.
“This current aberration is just that, and the oil and gas industry is in a good place to weather this and come out the other side in even better shape.”
Glasgow-based Newton, which also has an office in Inverness, recently snapped up Aberdeen property consultancy Robertson and Associates as it continues to grow its presence across the north.
The acquisition gave Newton 400 more residential properties across 12 Granite City centre sites, increasing its stock in Europe’s oil and gas capital by 15% to more than 3,000 units.
Mr Watt pointed to healthy levels of activity in the local property market before Covid-19.
He added: “While the lockdown will undoubtedly have major repercussions for many sectors, sentiment in the property market was very positive in the months before measures to combat the spread of coronavirus came into force.
“Newton itself is in a strong financial position.
“We are one of the most careful and considerate operators in the industry and have the resilience to ride out the economic effects of coronavirus.
“In the medium to long term, if conditions allow, we want to not only maintain our stock of properties in the north-east but add to them through organic growth and additional acquisitions.”
Mr Watt also said the firm was adapting its financial support and deferred payment schemes to help those customers most in need during the pandemic.
“We are doing everything within our power, while adhering to the rules,” he added.
