IN THE PRESS

HOUSE HUNTING IN GIBRALTAR

THE NEW YORK TIMES – HOUSE HUNTING IN GIBRALTAR

Gibraltar’s housing market is “robust,” thanks to a growing economy and very low unemployment, said Mike Nicholls, managing director at the real estate agency Chestertons Gibraltar. In recent years, the territory has become a hub for the online gambling industry and for financial technology services companies, which together account for nearly a quarter of the area’s jobs, according to a 2017 House of Commons briefing paper.

“Despite Brexit, our employment levels are going up every year,” Mr. Nicholls said, referring to Britain’s decision to leave the European Union.
And Gibraltar, which is just 2.6 square miles, is currently undergoing a building boom, he said, as developers seek to meet pent-up housing demand created by the influx of foreign workers, many of whom favour the modern developments around the marinas of Ocean Village and Queensway Quay.

Recently, Mr. Nicholls said, his sales team sold 105 apartments in just three weeks in a planned high-rise yet to be publicly marketed. Part of a complex called EuroCity, the building will start construction this summer, with prices ranging from around 167,000 pounds, or just under $240,000, for a studio to more than 1 million pounds, or about $1.4 million, for a penthouse.

For more information:
New York Times

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