Highland housebuilder Tulloch Homes is back in the Aberdeen market after many years’ absence.
The Inverness firm recently started work on a £9million development of 45 two-bedroom apartments, called The Courtyard, in a former envelope manufacturing factory in Duff Street.
It also plans to build homes in the grounds of the old Balgownie Primary school in Bridge of Don.
Granite City housing market experts said the return of Tulloch highlighted continued buoyant demand for homes in Europe’s energy capital.
Aberdeen Solicitors’ Property Centre chairman John MacRae said it was an encouraging sign of the strength of the local market that firms were still keen to build homes in the city.
And Michael Sinclair, senior property partner at north-east law firm Aberdein Considine, said: “Tulloch are right to look at Aberdeen because even though the oil price is low, the black stuff (oil) remains.
“This natural resource which underwrites a fair chunk of the north-east economy has not vanished and it is important that people remember that.
“The housing market in the city and surrounding areas remains strong and is more robust that a lot of people thought.
“If anything, it has been a busier than average start to the year due to the Stamp Duty changes due to hit the upper end of the market from next week.”
Tulloch chief executive George Fraser said: “We’re extremely pleased to be back in Aberdeen city after a long absence, although we have successfully built developments in Aberdeenshire in places like Rothienorman, Insch and Lumphanan in recent years.
“It was a matter of finding the right location and Duff Street is central, with good transport links. We’re delighted with the potential for this development.
“We’re on the verge of approval for Balgownie, another exciting location, and it’s fair to say that we hope to roll out further developments in Aberdeen in due course.”
“The oil price may be low but the fundamentals of the Aberdeen economy remain strong, which is why we’re prepared to invest significantly there.”
Mr Fraser added: “We are continuing to roll out fresh phases of developments in Inverness and Ross-shire throughout 2015, building on strong sales growth in the past couple of years.”
Tulloch sales director Lynne Boyd said: “We will be launching the first block of apartments at The Courtyard, Duff Street, this summer and we’ve already received a very large advance bank of inquiries.”