Figures released by JLL have revealed that in the first half of 2017, property investment volumes in Scotland reached £713m, 2% down on the same period in 2016.

The real estate services and investment management specialists’ latest investor survey found that 71% of respondents expected returns to be lower over the next 12 months.

However, 30% of investors reported that they were now looking to the big regional centres, such as Scotland, up from the 22% recorded at the same point last year.

Over 90% of larger (over £20m) transactions in Scotland during the first half of the year have been acquired with overseas equity.

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Chris Macfarlane, director – capital markets for JLL in Scotland, said: "Volumes are holding up reasonably well, but the figures are distorted by larger deals – the traditional churn market of £5m-10m remains relatively subdued.

“Polarisation – the difference in pricing between prime and secondary – is undoubtedly increasing, and investor appetite continues to be focused on Scotland's two biggest cities: Edinburgh and Glasgow.

"Overseas investor interest in Scotland continues to increase, partly due to a combination of a lack of UK fund appetite and weak sterling.

“Ultimately, however, it really shows the weight of global capital currently looking for a home and highlights that globalisation has truly arrived in the Scottish market.

"Looking forward, we are confident of a strong finish to the year, predominantly on the back of a number of large transactions in the pipeline, with volumes likely to [be] near those from 2016.”