Savills Edinburgh, on Wemyss Place, said much activity has been centred around the New Town – with a townhouse in Alva Street attracting five bids at its closing date this month.
Jamie Macnab, the firm’s creative director, said: “The key to unlocking this market has been equity-rich buyers being committed and sellers accepting lower offers. This is usually the time for writing Christmas cards and eating Christmas lunches, but there’s been little time for that.
“It’s all been about negotiating and accepting offers – we know buyers in the prime market are less reliant on mortgage finance but it has really been quite extraordinary to see so much activity just before Christmas.”
According to director Peter Lyell, his buyers have come from out of town and overseas. He said: “There is a real trend for buying in the best addresses in the city. They are perceived to be offering good value for money right now.”
Mr Macnab added: “The level of activity in December gives real hope that there will be an active market in 2012. Whilst there is pressure on sellers to accept lower offers, the number of committed buyers in the marketplace is very encouraging.”