Pre BREXIT Market Conditions - GIBRALTAR
Current Market Conditions- June 2016
Due to new legislation and tax changes in the UK, there are an increasing number of enquiries from UK property developers. The past couple of months especially has seen a marked increase in this type of enquiry.
You would think that ' BREXIT' would put investors off, placing property purchase on hold pending the outcome. We are actually finding that some investors feel that due to no one else buying this is a good time to peruse the market ready to make their move. We expect in the event of an 'In Vote' we will see a peak in that type of sale.
The investment by locals in the new builds in the mid market range is causing movement in the lower end/ residency restricted housing areas of the market. This sector, as well as being red hot price wise in a historical sense, is also seeing a lot of sales completed.
The movement at the bottom of the market is not really reflecting upward into creating movement in the higher price properties c £1m
We are finding a definite trend toward purchases of 'new build, off plan' where people are desiring the prestige of the new developments. We believe that this is leaving higher priced family homes in all areas of gibraltar short of buyers, leaving lots of choice.
Ourselves we have a wonderful selection of beautiful family homes in the top end £1m plus and a large selection of properties which we believe would attain in excess of 5% return in current market conditions.