Gibraltar is proving to be a magnet for wealthy property buyers who can benefit from fiscal advantages as well as a plethora of new gaming, financial services and entertainment businesses, it is claimed.
In the closing stages of 2010 a handful of high floor apartments in Gibraltar’s award winning Ocean Village marina development were released back to the market for sale. Seven sold within the first week to ‘waiting list’ buyers meanwhile, across a three week period in 2011, a further three properties priced between £280,000 and £470,000 have been snapped up.
‘It’s most reassuring that even amidst an enduring global recession, most notable across the border in neighbouring Spain, properties within our multi award winning residential towers will still sell at high speed. We expected a rush at re-release in November, but to have continued strong sales here in 2011 is very encouraging. The reason for this is a perfect location on both a macro and micro scale,’ said Brian Stevendale, sales and marketing director for Ocean Village.
‘At macro level Gibraltar is proving to be a magnet for extremely wealthy individuals who cannot resist the fiscal advantages of becoming resident here alongside newcomers who’ve flocked to the Rock to work in the plethora of new gaming, financial services and entertainment businesses,’ he explained.
‘Gibraltar is one of the wealthiest per capita income countries in the world, has a stable Government, over 300 days of warm sunshine each year and countless tax incentives including no CGT, no wealth tax, no sales tax, no VAT and low corporation tax of 10% or less,’ he added.
He also believes that the 15,000 square meter World Trade Center planned for neighbouring Marina Bay will triple the office space already sold or leased at Ocean Village and attract even more businessmen.
‘At local level, Ocean Village is a coveted address thanks to its abundant on site facilities from its seven swimming pools to a state of the art Health Club. High floor properties also have incredible views of the Rock, Strait of Gibraltar and across to Africa just a few kilometres in the distance,’ Stevendale said.
‘Add a Gala Casino, fine dining in a wide range of restaurants, plenty of bars, boutiques and 336 berths from 12 metres to 80 metres on the doorstep and you can see the appeal,’ he added.
Gibraltar’s new International Airport with its £100 million terminal is due to open in November 2011 is within walking distance of Ocean Village. The development won Best High Rise Development in Europe in the 2010 European Residential Property Awards in association with Bloomberg Television as well as Best High Rise Development Gibraltar in the Five Star category and was highly commended in the Best Marina Development Gibraltar section.