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teuchter

Off-plan Completions In Gibraltar

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I'm just back from Gibraltar and fancy an apartment in the Ocean Village Phase II complex which should be ready for handover in early October.

I spoke to a few agents who implied that up to 40% would probably not be willing/able to complete, borne out by the fact that there are dozens up for sale in the two blocks.

The problem as I see it is the valuation, given that only a 25% deposit has been paid and the developer is just about to request the final 75%

We all know how prices have dropped in the UK, and as for Spain!!, but I understand that Gibraltar is a special case and seems to be recession-proof (and property bomb-proof if you believe the vendors who still seem to be wanting a profit on off-plan prices - they seem to think its still the 90s)

Presumably the developer, who appears to be solvent, won't move on price, so any discount would need to come from the vendor.

If anyone has a view on prices/values in Gib (or better still experience) I'd be very appreciative

John

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No experience

but from what I have seen of the prices it must be one of the most overpriced

places in Europe

Cannot see how they are bomb proof either

Obviously land is at a premium but the economy is fragile and subject

to the occasional Spanish tantrum which makes things difficult ( and expensive)

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I really would not do that! The quality of OV1 is terrible. There are over 600 high end apartments finishing this year here and a big shortage of buyers. Prices are dropping, as are the rents. A 3 Bed in OV1 is now only getting £1500 a month and they paid £485k.

Gib is still a few years away from the bottom and prices are dropping. Recent builds still available include the Anchorage, Genista House and Cliff Top house.

By the way, I live in Gib in the other (better Marina). Feel free to ask specific questions

N.

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I really would not do that! The quality of OV1 is terrible. There are over 600 high end apartments finishing this year here and a big shortage of buyers. Prices are dropping, as are the rents. A 3 Bed in OV1 is now only getting £1500 a month and they paid £485k.

Gib is still a few years away from the bottom and prices are dropping. Recent builds still available include the Anchorage, Genista House and Cliff Top house.

By the way, I live in Gib in the other (better Marina). Feel free to ask specific questions

N.

Thanks for that, I was hoping you would have a view, I've been following your other posts.

My son works in Gib (10 years) but now lives in Alcaidesa.

The property would be long-term (eventually part of his pension planning) but family use with summer lets to help with the mortgage.

My contribution would be the (substantial) deposit

What I'm really after is finding out how realistic the off-plan prices are in the current climate, or will there be better bargains when Kings Wharf is completed

By the way, I also prefer your marina but all the action is currently at Ocean Village

Please feel free to contact me off-board

Thanks

John

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Thanks for that, I was hoping you would have a view, I've been following your other posts.

My son works in Gib (10 years) but now lives in Alcaidesa.

The property would be long-term (eventually part of his pension planning) but family use with summer lets to help with the mortgage.

My contribution would be the (substantial) deposit

What I'm really after is finding out how realistic the off-plan prices are in the current climate, or will there be better bargains when Kings Wharf is completed

By the way, I also prefer your marina but all the action is currently at Ocean Village

Please feel free to contact me off-board

Thanks

John

OK John,

In that case wait for Kings Wharf to finish. 40% have been sold to investors and over 1/2 of those have bought multiple units. To give you some idea of OV1, the units were delivered 8% smaller than advertised and the bathrooms/kitchens low quality (but look good). OV has no long term rents either. People get excited, rent there and move out after 6 months. You need a place with a pool like kings wharf, or Queensway where I am. Out of choice I would buy in Trade Winds OV for New Build. Taylor Wimpey still not sold/released them all yet and they are Top quality.

When OV 2/3 finish with the Sails in Queensway they will flood an already depressed market. When the Kings Wharf (Quay 27) completes it will finish off the new build supply for a long time. I am waiting to buy until next year when all on the Market.

I think Long term there is a good return. But Short Term Gib is heavily dependant on Offshore Gambling and Consolodation in that sector is now taking place. This means less companies and less jobs therefore less high end demand.

Look at Tradewinds for now or wait for Kings Wharf.

BTW, I guess from the sales Pitch that you were talking to Chestertons in OV. Bray are better to deal with ...

Keep the questions coming.

N

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OK John,

In that case wait for Kings Wharf to finish. 40% have been sold to investors and over 1/2 of those have bought multiple units. To give you some idea of OV1, the units were delivered 8% smaller than advertised and the bathrooms/kitchens low quality (but look good). OV has no long term rents either. People get excited, rent there and move out after 6 months. You need a place with a pool like kings wharf, or Queensway where I am. Out of choice I would buy in Trade Winds OV for New Build. Taylor Wimpey still not sold/released them all yet and they are Top quality.

When OV 2/3 finish with the Sails in Queensway they will flood an already depressed market. When the Kings Wharf (Quay 27) completes it will finish off the new build supply for a long time. I am waiting to buy until next year when all on the Market.

I think Long term there is a good return. But Short Term Gib is heavily dependant on Offshore Gambling and Consolodation in that sector is now taking place. This means less companies and less jobs therefore less high end demand.

Look at Tradewinds for now or wait for Kings Wharf.

BTW, I guess from the sales Pitch that you were talking to Chestertons in OV. Bray are better to deal with ...

Keep the questions coming.

N

As far as I understand it, TW has only 1 unit left to sell in Tradewinds from those who didn't complete, and although very nice they are not exactly cheap.

I don't really want to wait for Kings Wharf, the market may change by the time they are ready

When I was last in Gib, I understood that Hills were transferring their Sportsbook over, and met some of their people in my hotel, and I believe Ladbrokes said they intended to follow suit in their recent statement.

Perhaps not the high-end posts, but there are bound to be some managers and IT specialists.

I think that OV have learnt from their mistakes with Royal, and from what I've seen the finish is well up to UK standards.

A pool would be nice, but for my purposes the complex below Royal (and the parking) is more than adequate - not to mention the Casino on the doorstep

John

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