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Property
Property outlook & market update 2018/19
2017 was a hugely successful year for high and mid-range end sales in Gibraltar. Louis C. Montegriffo, Managing Director, BMI group, reports on the future property outlook
Gibraltar experienced an unprecedented and unexpected growth in sales after the Brexit referendum result in June 2016. Although some thought the market would see a downturn in 2017 due to the uncertainties of a looming Brexit and the invoking of Article 50 in March, Gibraltar actually had a strong, bullish year for property sales in terms of volume that remained consistent throughout 2017.
Why the confidence?
Investment in Gibraltar is underpinned primarily by the Gibraltar Finance Centre, with the strength in regulating financial services. It is importantly a jurisdiction that is subject to British Law and the English language as the firm basis of Gibraltar’s success.
“It is evident that the last ten months
have resulted in a good volume of sales across all the segments in the market. An element of this strength has predominantly been driven by off-plan re-sales in developments nearing completion. Prices over the period have been stable with average growth in some areas of between 3-4%. The rental market has been extremely buoyant over the period with significant increases in rents, particularly in newer developments such as Midtown, where some one beds have rents of £2,000 pcm and two beds reaching £3,000 pcm. This is mainly driven by new business (DLT / Gaming sectors) and the continued growth in HNWIs.”
What’s in store?
Gibraltar will continue to see increased off-plan stock for re-sale driven by pending developments set to complete in 2019/20.
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Gibraltar International
www.gibraltarinternational.com