The rules for buying property in Gibraltar were not impacted by Brexit. Foreigners can buy real estate without restriction, although some properties can only be bought by Gibraltar citizens and those who meet residency requirements. Then, of course, there’s the small matter of there being no wealth tax, annual property tax or capital gains tax.
“A big difference between this boom and previous ones, is that demand is driven by real people wanting to live in Gibraltar with real families whereas, in previous booms, demand has been investor led,” adds Nicholls. “We think the proposed Schengen deal, could be advantageous to many British people who, under current rules, can spend no more than 90 days in any 180 days on their EU travels, whereas if they become Gibraltar residents (if in Schengen) they can roam around to their heart’s desire.”
Several new high-end developments will cater for this new market, like the architecturally striking EuroCity, a three-tower luxury complex mixing residential, leisure and retail, in the heart of the Westside business district by Gibraltar-based Bentley Investments. Due for completion next year, it offers everything from studios to three-bedroom apartments from £1,030,00 and five beds from £2,150,000. Then there are existing properties, like The Island, a four-bedroom house in Gibraltar’s most exclusive cul-de-sac overlooking Gibraltar’s smartest marina, which is currently listed through Chestertons for £6.5m.
Other developments of note include Buena Vista Park Villas, a gated community on the site of the former headquarters of the Royal Gibraltar Regiment where detached villas start at £7m, The Reserve, which sits on the site of Gibraltar’s 1950s casino in Gibraltar’s South District and eco-luxury Arengos Gardens in it’s Upper Town, on the edge of the Upper Rock Nature Reserve, which features penthouses with private roof gardens and is now attracting younger wealthy buyers, who are bringing the area back to life.
There are also plans for ground-breaking new housing developments for locals, including Victoria Keys, a $300m land reclamation project, being financed by Harbour Developments, a consortium of local investors, although Spain is currently objecting on the grounds that the 1713 Treaty of Utrecht, which ended the War of Spanish Succession, ceded the land to England but kept the surrounding waters for Spain.
Gibraltar is a friendly and safe place to live with great schools and connections to the UK that are improving all the time. This combined with the Mediterranean climate make it a no-brainer for many Brits.
“The Gibraltarian Government also excels in involving their citizens and residents with their decision making, there is a transparency seldom seen,” says Manni Coe. “My clients often ask “Is Gibraltar worth seeing?” The list of good reasons to visit is long and growing every day.”
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