Buying Property in Gibraltar, a Safe Option after Brexit
As a British territory, Gibraltar draw the attention of those seeking to relocate after the referendum. Most of the British and other foreign citizens as well, were attracted by the lower prices of real estate due to the pound’s drop. This has led to an increase in property demands for those seeking to purchase, and also to rent. Our company registration agents in Gibraltar can assist foreign investors seeking to invest in real estate.
Gibraltar’s real estate market on demand
Until recently, Gibraltar attracted foreign investors from other points of view, among which taxation and simple company registration procedures. However, during the last few months. With people scared of not knowing what will happen after Brexit becomes a reality and with Gibraltar still a British territory, but with autonomy within the EU, foreign citizens have found it safe to start buying and renting real estate on the Rock.
According to one of the largest real estate agencies in Gibraltar, the small territory is currently seeing a “significant increase in demand” on the property market. This is also due to the pound dropping quite a lot against the euro, which has made the market more accessible and appealing. Demands also come from workers who in live in Spain and are employed by Gibraltar companies. These employees are mainly thinking about renting properties in order to avoid commuting, and thus put even more pressure on the properties to be let.
The Government also promised to help real estate developers
According to the latest data, the Gibraltar real estate market became 10% cheaper for those thinking about buying a property and with the Brexit, the Rock is highly likely to become a “British safe haven”. Also given the small size of the territory, changes can be made swiftly in order to accommodate both simple foreign citizens and enterprisers. Moreover, the Government also enabled a scheme for helping foreign entrepreneurs interested in the real estate industry by offering them tax credits on property rentals.
If you need assistance in opening a company in Gibraltar, do not hesitate to contact our company formation representatives.