Gibraltar is classed as British Overseas Territory. A 426m limestone ridge located on the border of Southern Spain – just a stone’s throw from the glamorous international tourism destination of Marbella, yet very different.
Even the weather patterns seem to be quite distinct from its latino neighbour.
It is home to many of the world’s financial institutions and most profitable gaming companies. Therefore, it has an industry (and business economy) that is unknown within the seaside resorts of the Costa del Sol. Of course, this income immediately translates into high property prices. Whereas the average price of a 2 bedroom apartment in Marbella is 200,000 euros, the equivalent in Gibraltar could easily cost double. And prices continue to escalate.
Worldwide economy and the property markets have struggled over the past 7 or 8 years, but somehow Gibraltar managed a quick turnaround and is now thriving. Globally, it sits happily within the top 20 locations for GDP growth (recently the budget surplus ran to a record-breaking 65m GDP).
The biggest difference between the Gibraltar property market and that of the Costa del Sol is that the Rock tends to attract owner-occupiers rather than Marbella´s tourist-transient market who are seeking holiday homes or short term investments.
Established UK brand real estate agencies have reaped the rewards in Gibraltar, such as Savills who currently list nearly 100 properties on the isthmus priced between £100,000 and £2m.
Of course, as a British ruled market, property surveys are a basic requirement when buying and selling in Gibraltar. Dawson Associates is a RICS regulated Chartered Surveyor with qualified surveyors who can apply over 40 years of property experience to guide you in making the right purchase decisions. Our offices are based in Rye, East Sussex but we often deal with properties within the international market.
Please feel free to contact us at any time for free, independent real estate advice and if you would like to book a property survey for Gibraltar, Southern Spain or the UK our qualified surveyor will be happy to assist. Click here for a free instant survey quote.
Source information
http://www.numbeo.com/cost-of-living/country_result.jsp?country=Gibraltar
