Gibraltar Market Overview
A new market for top end luxury property has emerged in recent years due to the increase in the high end professional services sector.
Although the majority of properties in Gibraltar are apartments, you will find some exquisite Villas although these will carry a price premium in view of the shortage of land for these types of exclusive detached properties and although prices for these lavish homes could be around the £7,000 to £10,000 per square metre, prices in Gibraltar are still significantly lower than those found in Monaco.
It is encouraging to find Developers embarking in new luxury developments over the years in order to cater from the demand of clients relocating to Gibraltar many from the UK, in addition to Swiss, Russians, Germans and Australian and it is also encouraging to find that property prices experienced an increase of circa 15% around 2014 to 2015.
Luxury developments like Ocean Spa Plaza and Imperial Ocean Plaza in Ocean Village sold out completely in just days, in addition to the success of Midtown, WestOne and Quay29 Kings Wharf, an attractive waterfront development ideally situated next to Queensway Marina and the majority of these new luxury developments offer car parking facilities, communal swimming pools, Jacuzzis and fitness centres.
Top end luxury developments include The Sanctuary, Buena Vista Park Villas, The Aloes and Blue Water which will accommodate a Super Yacht Marina for vessels in excess of 60 metres, a luxury 5 star hotel, commercial and retail units, high end residential apartments and penthouses, catered to attract the mega rich to this premier destination yachting environment in the Mediterranean.
Furthermore, there is a recurring stream of investor clients constantly looking for quality buy-to-let properties on the open market, whilst HM Government of Gibraltar has been successfully delivering quality developments to further promote home co-ownership to the local population.
Although Gibraltar is not regarded as a second home market, the recent concerns with regards delays at the frontier as a result of Brexit, have given rise to numerous individuals and corporate entities securing residential dwellings in Gibraltar for their key workers and management.
The rental market in Gibraltar is quite buoyant in view of the strong demand from relocating families and corporate entities and rental prices for luxury homes range from £1,500 to £3,000 per calendar month and offer Landlords a very attractive rental yield.
Office space in Gibraltar has seen a dynamic change in standards as a result of the impressive level offered by the World Trade Center, setting a new goal in office accommodation locally.
Gibraltar is still governed by the law of demand and supply given the continuous economic expansion and the steady flow of new businesses and families relocating to Gibraltar.