The real estate industry is becoming more and more visible in Gibraltar, as the number of houses and apartments put on the market for sale is limited and the demand higher. This is what drove prices to rise considerably during the last three years. Our company formation representatives in Gibraltar can provide you with information on how to purchase property in the Rock.
The main drivers of the flourishing economy of the small territory of Gibraltar are the limited number of real estate property put on sale and the high demand for new housing spaces. These two factors have had a decisive influence on the property market in Gibraltar during the last few years. According to a recent report issued by a renowned real estate magazine, property prices rose, especially apartment prices, have rose by 15% between 2013 and 2015. Also, 2009 was the best year for the real estate market of the Rock and by comparison the current prices are now 30% higher than they were there.
The real estate property market has started its development back in 2007 right after the airport was built.
According to the report, Gibraltar’s residential market and not only are very good assets to hold, as houses and office here are 12 times cheaper than Monaco. Also, if taking into consideration the taxation system Gibraltar imposes, the Rock’s property market will offer a higher value compared to other small countries because small territories are more and more sought by high net-worth individuals.
Gibraltar has one more feature that adds up to its advantages before other countries: its history which has created a unique culture, placing the Rock among the most attractive place to live in Europe. Also, when considering its belonging to the UK, Gibraltar is considered a safe country to live in.
Gibraltar is not only appealing to foreign citizens, but also to companies, according to the survey. Its closeness to the Mediterranean makes it an ideal place for those interested in the shipping industry and tourism.
At the moment, many sites under construction are expected to be finished between 2017 and 2018, which is what makes Gibraltar one of the most attractive countries to consider when deciding to buy a property.
If you want to buy a property in Gibraltar and need assistance, do not hesitate to contact our local consultants.