Gibraltar Property Market
The Gibraltar property market has gone from strength to
strength in 2014 fuelled by the general lack of new residential
construction projects and the average rate of growth for
resale properties reached 20%. According to Justin Bray
owner of Bray Properties when new developments did come
onto the market in the latter part of the year, such as Imperial
Ocean Plaza, all one hundred and sixteen units were sold off
plan within a matter of days.
It would appear that international and local investors have
continued confidence in the residential market going and
forward and this bodes well for 2015. It is a similar picture for
the residential lettings market where a shortage of properties
continues to favour landlords with rental prices rising steadily.
On the commercial property front, the lack of readily available office space which has been an ongoing and unsolved
issue for Gibraltar has been somewhat addressed by the
commencement of construction of the World Trade Centre
which will offer 17,000 square metres of office space. In addition there is a new 18,000 square metre development planned
for Midtown and a further 8,000 square metres in Victory
Place. Whilst at first sight the prospect of circa 43,000 square
metres of new office space coming online in the near future
may raise concerns as to whether there will be sufficient
demand the reality is that these developments will be phased
in over a number of years and therefore in the interim the
continued lack of supply of good quality accommodation will
mean prices should continue to rise over the medium term.
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