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Gibraltar


jaseywasey
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Nautorius

Went for a walk down to Kings Wharf this afternoon. I see what you mean - quite an impressive complex. :)

I was surprised to that only stage 1 existed !

....It explains the great views to the South :)

I will take a closer look at Trade Winds tomorrow.

Thoughts on Rock Gardens ?

I owe you a beer... or 10 for all your help :lol: thank you

Paul.

Rock Gardens are very good apartments but tend to be pricey! Main issue is Barbary apes which tend to Visit far too often which means yoou need to keep windows closed and not eat on the Patio.

Glad you like KingsWharf, take a look at a few as internally they are stunning. I doubt phase two will ever be built as the developer lost 11m on phase one.....mainly due to getting foundations wrong and having to re-do...

N.

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Hi Nautorius,

Nice to find someone who can give some unbiased advice on the property market in Gibraltar.

I was wondering whether you could give me your perspective on my dilemma.

Criteria

1) At least one bedroom

2) Relatively Modern

3) Has a car parking space

4) Preferably centrally located

5) Maximum 250k

6) Relatively easy to rent/sell should I choose to leave Gibraltar

7) Good rental yield

8) Not around Ocean Village due to the loud noise or Filomena house due to the cemetary.

Which properties in Gibraltar would you recommend to buy and would you consider Spain as an alternative (also taking into consideration the £15,000 tax allowance for buying a first property)

Thanks

Rios

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Hi Nautorius,

Nice to find someone who can give some unbiased advice on the property market in Gibraltar.

I was wondering whether you could give me your perspective on my dilemma.

Criteria

1) At least one bedroom

2) Relatively Modern

3) Has a car parking space

4) Preferably centrally located

5) Maximum 250k

6) Relatively easy to rent/sell should I choose to leave Gibraltar

7) Good rental yield

8) Not around Ocean Village due to the loud noise or Filomena house due to the cemetary.

Which properties in Gibraltar would you recommend to buy and would you consider Spain as an alternative (also taking into consideration the £15,000 tax allowance for buying a first property)

Thanks

Rios

You should be looking at Eurotowers or Europlaza. Kings Wharf may come up but it may be overpriced. If you have 3 Year residency Montagu Gardens is always a good bet.

I would avoid Spain for buying at the moment.....it is still dropping like a stone...although keep your eye on Sotgrande (Marina Properties)

Cheers

N.

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Thanks Nautorius...

I was also looking at Altantic Suites, whats your view on those?

I've been following property sales very closely that past few months. A 1 bedroom apartment in Atlantic suites that went for 220k 2 months ago, to me it appears that prices could be on their way down.... what do you think ?

Thanks

R

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  • 3 weeks later...

Thanks Nautorius...

I was also looking at Altantic Suites, whats your view on those?

I've been following property sales very closely that past few months. A 1 bedroom apartment in Atlantic suites that went for 220k 2 months ago, to me it appears that prices could be on their way down.... what do you think ?

Thanks

R

Sorry for the late reply. Atlantic Suites are a great location. Have an outside pool and good safe car parking. They are not cheap but they are top quality (Built as a Grand Hyatt Hotel!). They have now let the offices on the 1st and 2nd floor to a large Internet Company so there is life in the building. Also the cafes/bars oposite are now very lively Monday-Friday.

No downside except the Gym is not free as it is privately owned.....

Cheers

N.

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  • 2 months later...

Just back from Gibraltar and things are moving down !

Been over 5 times now over the past 2 years looking for a property we now have the money having sold in the uk, 2 years ago prices were high and the agents were talking the prices up having now seen what is going on we feel its a very false priced market that is inflated by the agents or the owners wanting top dollar.

This last visit ilast week was a bit different with us being told that low offers are maybe acceptable, some agents still living in cukoo land talking the market up but a lot of property is for sale and even more to rent.

The gaming laws are about to change as announced in the last budget the tax the gaming companys pay is going change in gib, they are not taxed from the uk now but from 2013 they will be taxed uk tax if the customer bets from the uk, the likes of betfred the new owner of the tote in the uk and blue sq are already making noises about returning to the uk from gib.

I read somewhere that 2-3000 jobs are gaming sector jobs and i would imagine quite a few hundred rent if some firms leave then the rental market will suffer even further than it is now and even more will be for sale.

We feel whatever we pay now we are guaranteed to lose money as the shift downwards on sale prices is only just starting, a few years behind the rest but i think you now have a lot of buyers desperate to sell.

When they realise that they could lose money (seems unheard of) from the purchase price i think some panic will set in.

So we will play the waiting game we might rent but see what goes on later in the year.

Some are still trying for £250 - £270k plus for a 1 bed in ocean village on a low floor no sea view. they are in for a shock !

We also came across false property that they advertised at low prices and was not even on the market to get you interested.

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  • 4 weeks later...

Just back from Gibraltar and things are moving down !

This last visit ilast week was a bit different with us being told that low offers are maybe acceptable, some agents still living in cukoo land talking the market up but a lot of property is for sale and even more to rent.

When they realise that they could lose money (seems unheard of) from the purchase price i think some panic will set in.

So we will play the waiting game we might rent but see what goes on later in the year.

Some are still trying for £250 - £270k plus for a 1 bed in ocean village on a low floor no sea view. they are in for a shock !

We also came across false property that they advertised at low prices and was not even on the market to get you interested.

Hello,

Everything you mention is well known about the Market here. They unfortunately treat outsiders as stupid cash cows and often they are proved right. If you live here you will soon cut through all the rubbish and get real property at real prices. I would sugest renting for 6-12 months and then deciding what to do.

One thing to be aware of is that unlike most other Property markets most property owners in Gib are very low geared. The Max BTL has been 70% for years and most people pay down the mortgages fast. For that reason the number of forced sellers is very low and the need to drop a lot is low. The mentality is just too hold on here until you eventually get your price.

I could buy tomorrow but do not as we have not found the right property at the right price....and may never. However with Assured tennancy why bother buying? Been here 4 years and love it, housing is just a hassle for our landlords....

N.

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  • 1 year later...

Update we found a property last summer we had to move quick to reserve it, we had been looking for a while and moved over here 3 months ago, we decided to go for a town area property rather than a ocean village type new apartment, it was a reasonable price and we can add a lot of value the rates are £25 a month!

The rental market is very strong and a shortage is pushing up prices, the property market for sales seems stable, the recent troubles might push up rentals and property prices as a lot do live in Spain with border delays frustrating those crossing daily.

Getting work done on the property is a bit of a problem as the locals seem to be jack of all trades but masters of none. We were quoted 2-3 days for a job weeks later still not finished.

Its a great place Gib but it would not suit everyone.

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  • 2 weeks later...

Welcome to Gib Mich,

As you have seen the Market is rampant here now especially for premium property. After 4/5 years of stagnation property prices grew 10% in the first half and the Premium properties are over that. Mainly due to Spanish dwellers moving back to Gib and an increase in Cat 2's. No new Premium properties being built in the £300k-900k so prices are rising fast. I just bought in Queensway after 5 years....took that long to find a property at the right price and just intime.

Rents are also rising fast. I think increases this year are at 15-20% already and still rising. It is supply and demand and without new properties it is unfortunately only going one way. More homeowners and people wanting to live here with a stagnant supply mean it is a hot Market. The only saving grace is no stupid Valuations for Mortgages and a minimum of 15% deposit needed. Also Mortgages are still hard to get compared to UK. This looks remarkably like a bubble...but I think it is longer term.

N.

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  • 1 year later...

Hi Nautorius,

Congratulations on your purchase. Seems you got your timing perfect.

Quite interesting developments in the Gib property market for the next 2 years. As you are aware, a lot of gaming companies are now leaving Gibraltar as a result of the point of consumption tax and with new builds such as Imperial, Kings wharf and Mid town on their way, what impact do you think this will have? I'm still searching for that elusive property and swaying to Kings wharf when that off plan opportunity arises (according to my sources before the end of the year). I'm keen to read your thoughts since there are not too many informed, unbiased individuals like yourself.

Thanks

C

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  • 1 year later...

Update.

Well Gibraltar has continued to boom. All properties making double digit growth, CAT 2 (best property) been making 20% per year. Finally new builds are coming online in the sub £1m. 2 Ocean village blocks, Mid town, Eurotowers and Kingswharf 2 and 3. Bad news they all sold off plan in around 48hours. They will come online from mid 2017. Mostly sold to investors and workers who need a Gib address. The amount of Studios and one beds is a very high percentage...as they are just a postal address. Prices for premium property now £5800-£7500 per sqm. Rental is 6% plus even at todays prices. Mortgage availability very limited but most purchases high cash to value or full cash. No cheap mortgages here (4% plus) so cannot blame cheap credit

Rentals still going crazy. Premium 3 beds now £3500-£5000. Even upper town (cheapest) is £1300 for a 2/3 bed small flat with no parking. BREXIT has cooled market and prices now levelled out whilst we wait for vote.

The amount of new build £2.5m-£10m properties is now substantial. The market is here for that price as well. Unlike London a commute from Cheap Spain is only 25-30mins.

Cheers

N.

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