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08/05/2019

Gibraltar is the gateway to the Mediterranean. A UK overseas territory with 28,000 inhabitants and attracting over 7m visitors per year it has, through its economic success become one of the wealthiest countries in Europe Based on UK law and language, as a self governed state it is able to target and attract high value industry which has seen economic growth bringing average earnings to 30,000 pounds per annum. With GDP running at 6% the property market has boomed from its infancy in the late 1990's. https://www.gibraltar.gov.gi/new/key-indicators.

A military base for over 300 years, today this forms part of the fascinating history as little military presence remains. In its place has grown luxurious marinas, bars, restaurants and casinos. With the old town now focus for re-generation, not only are you able to purchase luxury, modern contemporary properties with all the trappings of the mediterranean lifestyle, but also properties with more character, holding their beautiful proportions and original features.

Whether situated looking across the marina, enjoying spectacular views out to Spain and Africa or bordering the nature reserve Gibraltar holds something for everyone.

In recent years the popularity of the marina areas has been foremost in property sales. With the rise of Ocean Village marina complex and the area around the Queensway Quay, marina luxury properties have been driving the property prices. With these areas now fully built focus is moving to the family orientated south district for families, the old town for those wishing to be close to everything but set in slightly quieter environment.

Presently there is still major construction and development underway with the delivery of a number of new residential and commercial property projects over the coming 24 months. Among the most unique of these is the Arengos Gardens project. An eco-friendly build situated in upper old town, backing onto the nature reserve. It will provide luxury hi-spec apartments with a rooftop pool and sundeck providing stunning views out to the mountains in Africa. Off plan apartments are seeing a value rise of up to 20% during the build process. ref: https://arengosgardens.com

The type of purchaser in Gibraltar is diversified. With a proven track record it has in recent years become a favourite with the investor. With continued need for skilled workers high value employees seek to purchase their own apartments. Gibraltar is also experiencing a large number of purchasers from the UK looking for a change in lifestyle. There are attractive tax schemes for wealthy clients and the tax benefits Gibraltar can bring such as no capital gains on purchases or inheritance tax are also a draw to the financially astute. http://www.mulberry-realestate.com/buying-guides

Attracted by the familiarity of the surroundings buyers are drawn not only by the warm climate, great beaches and warm seas but the other things this location has to offer. A short trip may be to Tangier, Morocco, ski-ing in the Sierra Nevada mountains, a cultural trip to Seville or the ancient fortresses around Ronda in the stunning mountain range of the Alcornocarles national park. Its all accessible on your doorstep. As a sailors paradise, it is a major activity offering trips to Africa, Spain and Portugal. Pods of dolphins live in the bay, there is a huge variety of marine life and sometimes whales are spotted. You can also choose to sit and watch the luxury yachts of the rich and famous come and go from one of the many waterfront bars and restaurants.

Average house prices have risen from just over 100,000 pounds in the year 2000 to around 450,000 today. Prices start from around 200,000 pounds. Luxury properties and individual villas will sell for anywhere up to 10 million pounds.

In the 2009 global property downturn Gibraltars GDP remained strong and confidence returned to the market very quickly. Since then there has been year on year growth. Contrary to expectations the uncertainty of Brexit, rather than slowing the market it has produced unexpected results and driven an increase on property prices and fuelled demand. The market buoyancy is best demonstrated by the several new estate agencies that have started up in the past year. Comment from Carrie Jackson, Mulberry Real Estate, established for more than 10years is that they have seen 20% year on year growth in industry over the past 3 years.

Gibraltar has a direct airport link to London and the UK with British Airways and Easyjet daily https://gibraltarairport.gi But with both Malaga and Jerez airports only 1 hour by car, travel to and from the UK is easy for a frequent traveller.