Gibraltar’s housing market is “robust,” thanks to a growing economy and very low unemployment, said Mike Nicholls, managing director at the real estate agency Chestertons Gibraltar. In recent years, the territory has become a hub for the online gambling industry and for financial technology services companies, which together account for nearly a quarter of the area’s jobs, according to a 2017 House of Commons briefing paper.
The residential property market in Gibraltar has remained strong over the last 14 years, except for the year of the 2008 global financial crisis, when home prices stayed flat, said Mike Nicholls, a managing director at Chestertons, based in Gibraltar.
“There are no official price statistics in Gibraltar; however, our records anecdotally indicate an increase of between 2 percent and 6 percent in each of the last 14 years except 2008,” Mr. Nicholls said.
After several years of strong growth Gibraltar, a British overseas territory on the southern tip of Spain, is seen as offering good value for prime property, according to a new report.
Indeed, prime property prices have increased by 15% from 2013 to 2015 with demand driven by Gibraltarian, UK and other international buyers, says the new analysis from international real estate firm Savills.
It points out that Gibraltar is among an elite and small club of territories within Europe with special and unique governance, independence and tax status. A self-governing territory with a population of 32,000, bordering a much larger neighbour, it draws parallels with Monaco.
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