Demand for Gibraltar property remains robust. New employees of local companies, high net worth individuals from across Europe and those already in employment but currently living across the border are all seeking properties in Gibraltar.

Our website statistics demonstrate a pattern of increased interest in Gibraltar. In the first six months of 2017, the number of users accessing our site grew by 31% compared to the same period in the previous year and by 7% compared to the six months ended December 2016. Indeed, June 2017 was our second best month ever in terms of website traffic (October 2016 was the best).

The location of our users never ceases to amaze us. In the first six months of 2017 we had visitors from 129 countries in the world. Gibraltar, UK and Spain account for some 82% of users, thereafter USA and Russia come in fourth and fifth whilst China, Brazil, Australia, Malaysia and Canada are also in the Top 40. When you look at the world map on our Google Analytics page, there are only very small parts where someone from that country has not visited chestertons.gi.

The greatest challenge we face currently is one of supply. We are a third down on the number of properties we have for sale compared to January 2016. In terms of lettings, these days, we never have more than a handful of properties on our website as we are letting properties to our waiting list before they are advertised on our website.

Studio apartments at £1,000 pcm to rent raises eyebrows, but that’s the lower end of the market in the smarter developments. It’s simple supply and demand. This supply and demand imbalance continues to push property prices higher, particularly those that are preferred by occupants new to Gibraltar.

We predict that this supply issue will get tougher and tougher until such time that the developments currently under construction are available to move into. Of the main developments, West One leads the charge with completion expected by the end of this year. This will see 96 new apartments added to the housing stock. Next year should see the completion of Ocean Spa Plaza and Midtown, whilst in 2019, Quay 29 and Imperial Ocean Plaza will complete. Sounds a lot but when compared to the demand resulting from the record number of jobs just announced and the increasing desire to live in Gibraltar as opposed to over the border by the thousands who commute daily, it hardly touches the surface.

As development consultant to Eurocity (366 apartments in the business district of Gibraltar), we were delighted with the recent granting of full planning permission by the local authority. We expect construction to start some time in 2018.

So for now, there remains pent up demand for property in Gibraltar that the supply side is struggling to fulfil. On the property development production line there is some rebalancing ahead.  

Developers can remain confident, whilst tenants and purchasers have some respite ahead. 

In the words of the Port Sergeant “The Fortress is secure and all’s well”.

If you have a property which you wish to sell or rent, we would be delighted to hear from you. Call us on +350 200 40041 or email us on info@chestertons.gi