New Gibraltar flights launched
Thursday, 16 December 2010 11:47 AM
Low-cost airline easyJet is launching a new route from the north of England to Gibraltar, increasing the appeal of buying a holiday home in the area.
On March 29th 2011, a thrice-weekly service will commence operation between Liverpool's John Lennon and Gibraltar airports. This easyJet route will be competing with Monarch's Manchester service, which also departs three times a week - which could be music to the ears of overseas property investors.
Gibraltar is a British territory south of Spain, which lies at the entrance to the Mediterranean. It is a popular spot for high-net-worth individuals due to its VAT-free status, and its legal system is based on the British model which makes buying property there relatively straightforward.
Families love Gibraltar because of its famous apes and resident dolphins, but Justin Bray, from Gibraltarian estate agency Bray Properties, believes there are other factors making it a worthwhile destination in which to invest. "Despite the global economic woes, Gibraltar, partly due to its strong economy and limited building zones, has seen its property market fair very well," he says.
"Buying costs are low, there is no capital gains tax when selling and the buy-to-let market is very strong as a result of the many international companies setting up here."
In terms of the types of people choosing to invest in property in Gibraltar, Bray says, "It ranges from private speculators seeking a good pension, to professional property investors, to families looking to move here because of the high standard of education, low crime rate and Mediterranean lifestyle and climate."
Areas around the marina, especially Tradewinds, Marina Bay, Queensway Quay and Ocean Village, are all popular areas for Brits, though Bray also cites the east side of Gibraltar - historically an industrial area - as an area to watch due to the redevelopment it is currently undergoing.
Properties in the marina tend to sell for anything between £350,000 and £575,000, though if you were envisaging a standalone villa (as opposed to an apartment) you'll need to pay a premium: they typically start from £1 million.
We rather like the look of this end-of-line townhouse, which has three double bedrooms - each with its own balcony - in Ordnance Wharf.
There are three bathrooms, gardens at the side and rear of the property and spectacular views over the marina and Spain beyond. The house is on the market for £1,150,000.
To find out more about homes for sale in Gibraltar, contact Bray Properties.
