In the Chief Minister’s Budget Address, he set out his state of the nation in terms of property development. It was unequivocal - build more and build higher.

This will be unpalatable for some, however, it is so important to Gibraltar’s economy if we are to house just some of the thousands of workers who commute in from Spain each day. Not everyone chooses to commute as a lifestyle decision. Many employees are in Spain because the Gibraltar housing supply is just too limited and too expensive. This is what the Chief Minister said: 

“Land reclamation needs to continue now perhaps more than ever so that we can ensure that businesses can have their workers based here and not dependant on the ability to commute easily into Gibraltar. A number of projects to allow for gaming and financial services workers to be housed in Gibraltar on new ‘key worker housing’ terms have been proposed to the Government and are under active consideration. Our community needs to understand that we need to build more and build higher in order to house those that we need to have in Gibraltar if we are going to maintain our standard of living for future generations.  

We are continuing our negotiations in respect of the plot at Rooke which we expect will be handed over very shortly to the Government by the MoD. I expect to hold meetings with the preferred bidder in respect of that exciting potential development in September. Negotiations in respect of the Eastside project also continue, unaffected by the BREXIT result but hampered by complex discussion and engineering concerns. And new projects are being considered and proposed on which I would expect to make announcements soon and which will bolster economic activity in coming financial years. World Trade Centre, Ocean Spa Plaza, Midtown One & Two are all already under way. The new Kings Wharf development of £60m and Eurocity are about to get underway and are also confirmed, despite BREXIT, amongst others soon to be announced.”

Our recent off-plan update can be read here whilst our summary of all current developments can be read here.