A new airline service along with an influx of business is set to increase interest in the real estate market in Gibraltar.
The Rock, as the British overseas territory situated on the southern end of the Iberian peninsula is known, will also have its new £100 million airport terminal ready and it is expected to attract even more business.
The latest air route three times a week by easyJet out of Liverpool’s John Lennon airport will begin on March 29 next year and will complement easyJet’s existing London Gatwick schedule and compete against Monarch Airlines’ Manchester route, also three times a week.
Brian Stevendale, sales and marketing director for Ocean Village, an award winning mixed use marina development in Gibraltar said a lot of businesses are looking to cash in on growth.
‘We are experiencing a huge influx of gaming, financial services and entertainment enterprises attracted by Gibraltar’s low tax environment. Office space is at capacity, so much so that we are building a 15,000 square meter World Trade Centre to satisfy demand. With global commerce comes international travel and easyJet will have the business traveller in mind as much as the holidaymaker keen to experience Gibraltar’s unique history, culture and warm Mediterranean climate,’ he explained.
A plus point with the new airport terminal is that the facility can be shared between Spain and Gibraltar giving passengers the opportunity to leave via exits on both sides of the border, similar to Basle jointly operated by France and Switzerland.
Whilst the Spanish side of the works has been hampered by the country’s economic crisis, Gibraltar has said that its part of the new terminal will be ready by the middle of 2011 with a road under the runway to solve current traffic tailbacks upon take off and landing following by the end of the year.
Alongside easyJet’s London Gatwick and Liverpool routes, Monarch Airlines flies to Gibraltar from both London Luton and Manchester whilst British Airways operates a London Heathrow service. There is also growing private jet traffic to serve the business community.
In addition, UK based Lester Hotel Group has just announced its plans for a 160 room four star hotel with gymnasium and 3,000 square meters of office space within striking distance of the Airport with construction starting in 2011.
Among the real estate that is attracting attentions is two and three bedroom apartments in Ocean Village’s Grand and Majestic Ocean Plazas which have views of Gibraltar and across to Africa.