Fife joins property’s elite list

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FIFE has nudged its way into the top 10 most expensive properties bought in Scotland over the last five years.

But the £3.1 million price tag in September last year on a house on The Scores, St Andrews, was still only enough to give the Kingdom a ninth equal place.

Edinburgh lays claim to six out of 10 of the most expensive homes but the overall priciest pad is in Longniddry which went for £5 million in February 2007.

Auchterarder claimed two spots to complete the top 10.

The figures were released on Friday by Registers of Scotland (RoS) and cover the five-year period ending on April 30.

Surprisingly, no Glasgow properties made it into the top 10, the city falling short of the elite list by almost £1 million.

However, Scotland’s £5 million dream home in Longniddry doesn’t even qualify as a but ‘n’ ben in the global property market.

According to Overseas Property Mall, the world’s undisputed most expensive home in 2010 is the $1 billion, custom-build, 27-storey towering mansion, Antilla in Mumbai, India.

It is the home of the world’s fifth richest man, namely Mukesh Ambani, head of Indian petro-chemical giant Reliance Industries, which is India’s most valuable firm by market capitalisation.

Compare that with Fife... which is actually having a bit of a property boom.

RoS reports that the average house price in the region has risen from £126,625 in January-March 2010 to £134,070 in the same period this year – that’s a 5.9 per cent increase.

The downside to that is that in 2010 1045 houses were sold in those three months, compared to just 872 this year, a drop of 16.6 per cent.

On average, 25 per cent of Scotland’s residential properties change hands without a mortgage.