There are some 12,000 residential properties in total in Gibraltar.

In the early 2000’s demand for quality property easily outstripped supply. This attracted new developers into the Gibraltar market building properties aimed at incoming ex-pats, including high net worth individuals or company employees. The popular Ocean Village, a mixed use marina, residential and commercial property scheme launched its off-plan sales in 2003 and sold out its 133 apartments within a month. This in itself attracted further development from other builders as clearly the demand was there. Tradewinds, by Taylor Woodrow, soon followed with 81 apartments overlooking the Ocean Village marina, closely followed by the Anchorage (120 apartments), Ocean Village phase II (180) and the most recently completed developments around Gibraltar’s other marina, Queensway Quay, the popular King’s Wharf (120) and the Sails (48).

That equates to some 680 apartments released between 2006 and 2010. And all, bar a handful of the higher priced, larger apartments, are sold, the vast majority of which, off-plan. The market has easily absorbed this new supply without any drop in prices.

The above summary excludes the properties built by the government strictly for its own citizens satisfying certain criteria which excludes new entrants. The purchase of these properties is tightly regulated.

What Gibraltar does not have much of however, are newly built high end quality houses. So the decision by some high net worth individuals to choose, say, Switzerland over Gibraltar, may not be so much about the tax or the lifestyle but about the availability of a suitable property.

The property market in Gibraltar is responding to this. So just as developers recognised the lack of quality apartments and addressed this issue over the last few years, developers have now turned their attention to providing a new supply of high end housing.

Three such developments are an example of this.

Firstly, Buena Vista Mews, a well built development of five 4 bedroom, 2 bathroom townhouses in the south district of Gibraltar has just completed and are all ready for occupation. Two properties have sold and a further one is under offer. The remaining ones start at £725,000. The properties share a communal pool and all have parking and terracing.

Already under construction, Buena Vista Park, also in the south district, has stunning uninterrupted south and west facing views across the Strait of Gibraltar and Africa. Formally the headquarters of the Royal Gibraltar Regiment, the site has a long and established military history dating back to the late 1700’s. Many of the remaining structures including the perimeter walls, regimental headquarters, barracks and two gun emplacements date back to the 1800’s and will be sensitively restored and preserved for the future.

The development, over three phases, will be a gated community comprising villas and townhouses merging modern materials and technology with a unique heritage structure.

Phase 1, a collection of 6 spacious villas with their own pool and garden, and 9 townhouses, is already under construction with completion set for late 2013. Such is the demand that deposits have already been taken on some of the properties. Prices start at £955,000 for the townhouses and £2,375,000 for the villas. Phases 2 and 3, to be built on the same sought after site, will allow for the creation of bespoke homes personalised for the higher level client, subject always though, to planning consent. This proposition is unique in Gibraltar and is attracting much interest already.

The third development, to be called The Sanctuary, has achieved outline planning permission and is currently undergoing the full planning consent process. The Sanctuary will be on a site, which is currently being cleared for the build, set higher up the Rock and within a naturally beautiful setting adjacent to Gibraltar’s Nature Reserve. The views are breathtaking.

The Sanctuary will be a private enclave of luxury and elegance. Just five very special villas, with private and secure gated access, and internal space of some 1,000 sq m each. Each villa will have its own private pool, spacious indoor and outdoor living and dining areas, waterfalls, open air en-suite bathrooms, a gymnasium with sauna and jacuzzi and the ultimate haven of expansive rooftop gardens. Although not for sale yet, Chesterton, with sole agency rights, will market this development internationally and we are already being approached with expressions of interest.

Gibraltar is a modern, trusted and well regulated EU economy. The private property development sector is continuing to place its faith in its future despite the wider economic woes in Europe. Developers were successful in producing a large number of apartments to satisfy the demand of a few years ago. Now they have shifted their efforts towards the higher end sector. This will slowly but surely help “Gibraltar PLC” to compete against the other more traditional jurisdictions to attract the higher net worth individuals.

After all, why go to Monaco when you could live in Gibraltar?