The sale of two multi-million pound flagship buildings in Edinburgh city centre has given the city's property market a glimmer of hope.

The Royal Bank of Scotland building in St Andrew Square, is to be sold to a private investor for £16m while Thistle Property have nearly completed a £9m deal for the building that currently contains The Ivory Lounge bar and restaurant on George Street.

It is believed both investors paid up to 40% less than they would have paid last year, it is hoped this will spark interest from other investors who are also hoping to close deals for below the expected rate.

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The closing of these deals should assist in the revival of the city's property market in the long term.

Speaking to hotproperty.co.uk a director from one selling agent said: "It is very encouraging that we have had four or five potential buyers, both from the UK and overseas. It is an indication that people do believe in Edinburgh and Scotland.

"There are very few deals happening anywhere at the moment. Cities like Leeds, Manchester and Glasgow are very quiet, so this is very positive for Edinburgh."

Both buildings attracted interest from international and UK investors.

(GK/JM)