The impact of the fall in oil prices on Aberdeen will be short term, and not the worst situation that the city has seen, 150 delegates were told at Estates Gazette’s Aberdeen Question Time.
John Low, managing director at Stewart Milne Homes, said the oil price collapse in 1986 showed there is opportunity for the sector to recover.
Low joined Andrew Creighton from Aberdeen Asset Management, Jenny Laing, leader of Aberdeen city council, Savills’ Mark Fleming and Nick Hayes from Unite Students on a panel chaired by Estates Gazette editor Damian Wild, held at the Rox Hotel.
The impact of falling oil prices was compared to the effect of the Scottish referendum in 2014.
“There will be an impact but it will be short term,” said Creighton.
Fleming added: “We were actually 50% up on deals despite the referendum. Oil price is also geopolitical, and that is the key driver.”
Laing believes the situation gives Aberdeen an opportunity to capitalise on a shift in perspective, and the city should use this shift to focus on areas that require improvement.
“It has shifted a focus, not just at a local level but at a national level, in the industry. From a local perspective this is good for the benefit of economic and city growth as a whole,” Laing said.
“It has allowed us to focus and we will push it as it goes forward.”
Listen to a podcast of the event below
