The Sanctuary, Gibraltar, just a few minutes from Main Street and driving up towards the Nature Reserve, one cannot escape the awe-inspiring emerging structure of the development known as The Sanctuary, adjacent to the Upper Nature Reserve. The development consists of just five super prime luxury villas.

Commonly known as the ‘Maida Vale’ site, the first construction began in the 1960’s with foundations and a concrete structure to three levels for a hotel, before works terminated without any building being completed. The current developer completely demolished and cleared the abandoned site, before embarking on the luxury enclave, which also has an extensive tree planting plan.

A spokesman for the developer, Forefront Ventures Limited, described the inspiration behind The Sanctuary, Gibraltar: “Given such a stunning elevated location and views, the primary aim for The Sanctuary has been to create the very highest level of luxury and sophistication for discerning individuals. This peaceful location within Gibraltar demands nothing less than the ultimate contemporary haven.”

These villas are by some margin, the largest single residential properties in Gibraltar, with extensive terraces, gardens and private parking for at least six cars.

The location and elevation permit breath-taking views of the sea, across to North Africa. The design ensures uninterrupted vistas from all key rooms, the pool area, spa and gardens. Each villa is crowned with a stunning roof terrace and pavilion, allowing relaxation, entertainment and jaw-dropping panoramic views – day and night, whatever the season.

Asking the developer for a summary of the key features leads to a very long answer full of enthusiasm and energy. “The main kitchens are fitted with top of the range appliances, for example: Sub-Zero wine fridge, full size refrigerator and freezer, under counter cooler drawers, two Wolf ovens with warming drawers beneath, full surface Gaggenau induction hobs, Wolf Convection Microwave with Grill Oven, two extra large Miele dishwashers and two Wolf electric griddle plates in the outdoor kitchen. There is a further fully equipped staff kitchen on the ground floor.”

“Whether it’s entertaining, partying, chilling or – if you must – working, the villas are an artful blend of necessities and luxuries, with emphasis on the latter. All bedroom suites have their own Gessie Milano designer bathrooms and bespoke dressing areas. There is separate accommodation for staff, (or even more friends and family) an entire wellness level complete with dance studio, gymnasium, treatment room, sauna, bespoke steam room, and there’s a cinema for discovering new blockbusters and reliving timeless classics. “

The Sanctuary villas will be equipped with sophisticated Crestron home automation systems which control lighting scenes, audio, video, room temperature, hot water, window blinds, security cameras, alarm, gates and house entry – all to the owner’s specific requirements. You can even view your property through the security cameras, whilst anywhere in the world.

So how much is one of these villas? At the time of writing, the prices are still being set. Whatever the figure, buyers will compare the property, lifestyle and fiscal advantages of buying a Sanctuary villa to what is on offer in other low tax jurisdictions, Singapore, Switzerland, Hong Kong and Monaco for example.

According to a report by international estate agent Knight Frank for house prices in 2012 across the world, property prices in Singapore average £16,500 per square metre and the government is struggling to keep house price inflation manageable. Singapore hosts the world’s densest population of millionaires, and limited land for development (the country is only 700 sq. km in size) means that property prices are not expected to plummet anytime soon.

In Switzerland, Knight Frank believes prices in Geneva are set to rise as the country is forecast to see a 27 percent rise in its high net worth population between 2012 and 2022. The average house price in Geneva is £19,500 per square metre, the popularity of the city being explained by its position as a global financial centre, excellent schools, safe environment and the Alpine ski resorts on its doorstep.

The Hong Kong property market is hot, averaging £33,000 per square metre. The government is fighting to cool it down. Knight Frank put the city’s popularity down to strong demand from both local and international owners, and investors who see the city as an international financial hub with a strategic geographic location and a liberalized economy. Sounds like Gibraltar to me.

Monaco has a reputation for being a playground for the super-rich. With just 36,000 people, its population is only 20% greater that Gibraltar’s. Property prices average £38,000 per square metre according to Knight Frank, many times more expensive than Gibraltar. The fact that neither individuals nor companies resident in Monaco pay income or business tax, keeps Monaco property as the most expensively priced in the world.

Using the above benchmarks, a Sanctuary villa in Monaco would fetch in excess of £55m (assuming 50% value for the terraces and outside space), £50m in Hong Kong, £30m in Geneva, and £25m in Singapore. An international investor seeking a low tax jurisdiction, which couples as a financial centre, has good schools, offers a very safe environment and is geographically located close to other popular locations and international hubs could well see an opportunity to invest in The Sanctuary, Gibraltar and save themselves a few million pounds.

For more information on The Sanctuary, Gibraltar, contact Mike Nicholls, Chesterton estate agents Gibraltar.